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The 30-year fixed mortgage rate fell to 6.15 percent this week from 6.16 percent, marking the third weekly decline in four weeks.
The Freddie Mac report also shows a jump in the one-year adjustable mortgage rate to 5.48 percent from 5.42 percent, while the five-year adjustable rate climbed to 5.89 percent from 5.87 percent.
The 15-year fixed rate, however, held steady at 5.87 percent.
“Low employment growth in April — the slowest pace since November 2004 — and downward revisions to both February and March job growth tempered market concerns of future increases in the rate of inflation,” says Freddie Mac Chief Economist Frank Nothaft.
Source: Baltimore Sun (05/11/07)
From the Baltimore Sun we have this article about Baltimore trying to take advantage of the BRAC transferees:
As real estate brokers report the first trickle of what promises to be a torrent of military employees and contractors pouring into Maryland, the state is assembling a package of incentives to encourage first-time homebuyers and renters to move to Baltimore, Lt. Gov. Anthony G. Brown said yesterday.
State leaders want to make the city, with its affordable housing stock and varied transit options, a bedroom community for an estimated 60,000 defense workers and contractors who are predicted to move to Maryland from across the nation to work mainly in and around Fort Meade and Aberdeen Proving Ground.
I know the first groups of people are already coming into the area. Real estate agents in both Anne Arundel and Howard County are fielding questions and driving potential buyers around to help them get a feel for the area.
Even though the recent downward trend has been felt all around the country - the housing market is not a national market. Even here in Crofton there are neighborhoods where prices are going up, while in others prices are going down.
The BRAC influx will increase the demand for housing throughout Howard, Anne Arundel and Harford Counties. If Baltimore can make themselves a part of it - more power to them.
