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5 Willand Avenue
13 Granite Dr.
North Hampton, NH
127 Pine St. Extension
Why Some Buyers Are Feeling Like They Missed Out
Daily Real Estate News | Tuesday, June 11, 2013
Mortgage rates and home prices are on the rise, and some home buyers who were waiting around for the housing market to reach bottom are realizing now they may have missed the boat.
Mortgage rates are inching up, with the 30-year fixed-rate mortgage averaging 3.91 percent last week -- up from 3.3 percent in early May, according to mortgage giant Freddie Mac.
"It's unlikely that rates will ever be that low again," says Doug Duncan, Fannie Mae's chief economist.
The Fed has been keeping interest rates at record lows by buying up to $85 billion a month in Treasury bonds and mortgage-backed securities, which has helped bolster the housing market.
"Up until recently, expectations were that the Fed would begin to taper purchases of mortgage-backed securities and Treasury bonds late in 2013, but that time frame appears to have moved to September, possibly sooner," says Keith Gumbinger, vice president of HSH.com, a mortgage information company.
As the economy continues to gain traction, interest rates are expected to continue to increase, Gumbinger says, since low rates often are associated with a distressed economy.
But even if mortgage rates move up a percentage point or two, housing experts note that mortgage rates will still be low by historical standards.
"The 30-year [mortgage rate] hit a 37-year low in 2003 at 5.23 percent," Gumbinger says. "That was the previous low-watermark prior to this financial crisis, and it's likely we will move closer to that mark as we grind forward."
Source: “Why You Missed the Boat On Record-Low Mortgage Rates,” CNNMoney (June 6, 2013)
Located in Rockingham County, New Hampshire, Portsmouth is the fourth largest community in the United States. Known as the “City of the Open Door” Portsmouth was New Hampshire’s first city. This seacoast town is a popular tourist destination and has received much national recognition.
Portsmouth has been named as one of the best places to live and work in the country by Cosmopolitan magazine and was named as one of the 50 “most enlightened cities” in the country by the UTNE Reader. Portsmouth has also been rated as one of the “Top Ten Best Places to Live in the Country” by Money Magazine for five of the last ten years. The city was also named one of the "Dozen Distinctive Destinations" by the National Trust for Historic Preservation in 2008.
Portsmouth was settled in 1630 and incorporated as a city in 1849. It was originally named Piscataqua, after the river and was then called Strawbery Banke. The town was then renamed Portsmouth, honoring John Mason, the colony’s founder who had been captain of the port of Portsmouth in England. The commercial potential of the Piscataqua River drew the early settlers to the area. The city had become one of the country’s busiest shipbuilding cities and included the busiest ports.
Today Portsmouth city remains strong in both commerce and recreation. The city’s downtown area includes museums, galleries, restaurants and theatres. The city’s Music Hall has been existence for over 125 years and features nationally known performers.
Portsmouth’s early architecture was comprised of Colonials, Georgians, and Federal style houses. Many of these homes are now museums. Stately Federalist stores and townhouses, built after devastating fires in the 19th century, are still found today. The city’s architectural legacy continues to be protected through the Historic District Commission. Some of the Portsmouth’s Historic New England House Museums include the Governor John Langdon House, the Rundlet-May House and the Jackson House, New Hampshire's oldest house. Located in the neighboring Piscataqua region are the Hamilton House, the Gilman Garrison House, the Sayward-Wheeler House and the Sarah Orne Jewett House.
Portsmouth is comprised of 15.6 square miles of land and 1.2 square miles of water. According to the 2000 U.S. Census Bureau, there city’s population was 20,784. There were 9,875 households, 4,858 families and the average family size was 2.75.
Portsmouth Real Estate and Homes: In 2007, it was estimated that the population in Portsmouth was 20,495. Portsmouth real estate was comprised of 10,548 total homes. This included 4,216 single family houses and 6,053 multi-family homes.
Please contact Better Homes and Gardens Real Estate The Masiello Group for homes for sale in Portsmouth, New Hampshire, homes for sale in Rockingham County, New Hampshire, and for all your real estate needs.