Fixed Mortgage Rates Move Higher

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving higher from the previous week. The 30-year fixed averaged 3.42 percent, its highest reading since September 29, 2012. Regardless, fixed-mortgage rates still remain highly affordable near their all-time record lows, and should continue to aid in the ongoing housing recovery.

The 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.7 point for the week ending January 24, 2013, up from last week when it averaged 3.38 percent. Last year at this time, the 30-year FRM averaged 3.98 percent.

Additionally, the 15-year FRM this week averaged 2.71 percent with an average 0.7 point, up from last week when it averaged 2.66 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.67 percent this week with an average 0.5 point, the same as last week. A year ago, the 5-year ARM averaged 2.85 percent.

The 1-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.5 point, the same as last week. At this time last year, the 1-year ARM averaged 2.74 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

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Chandler to Host Phoenix Premium Outlets

Phoenix Premium Outlets will open April 4, off Interstate 10 adjacent to the Wild Horse Pass Hotel & Casino in Chandler.

The new outlet mall is expected to create 800 full- and part-time jobs, adding that it’s also expected to generate $8 million a year in sales tax revenue. It’s going to be a positive impact for the community.

Premium Outlets broke ground last March. Upon completion, the mall will encompass 360,000 square feet of gross leasable space. It will feature about 90 stores, including designer brands, accessories, shoes, home furnishings, luggage and jewelry.

So far, the only tenant that has been announced is Off Fifth, the outlet brand of upscale retailer Saks Fifth Avenue.

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January 2013

Metro Phoenix Housing Market Snapshot
January 31, 2013
All Area TODAY LAST MONTH LAST YEAR 2 YEARS AGO
1/31/2013 12/31/2012 1/31/2012 1/31/2011
Active listing  21,922 21,189 24,842 42,430
Pending Listing 9,642 9,838 10,903 10,647
Sales Per Month  5,879 6,982 6,761 6,873
Monthly Supply 3.9 3.1 3.9 6.2
Monthly Sales $/SF  $108.92 $108.70 $85.40 $81.99
Sale Price vs Listing Price  97.03% 97.32% 96.39% 94.96%
Listing Success Rate  72.50% 71.80% 74.80% 57.80%
Data Source: Arizona Regional Multiple Listing Service (ARMLS)
For other cities or area, please call (480)292-8281 or email gchen@az-realty.com
Above data was compiled by Gary Chen, Associate Broker, ABR, CIAS, CNE, SFR
Original data complied by The Cromford Report
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