Conforming mortgage rates continue to drop.

For the second straight week, the 30-year fixed rate mortgage fell to a new, all-time low nationwide. According to Freddie Mac’s weekly mortgage rate survey, the average 30-year fixed rate mortgage rate dropped 1 basis point to 3.83% this week for borrowers willing to pay 0.7 discount points plus a full set of closing costs.

The 15-year fixed rate mortgage also set a mortgage rate record, registering 3.05% with an accompanying 0.7 discount plus closing costs.

Discount points are a one-time, up-front closing cost, based on loan size. 0.7 discount points is equal to 0.7% of the borrowed amount. A home buyer in Woodstock opening a $200,000 mortgage and paying 0.7 discount points, therefore, would be subject to a one-time $1,400 fee paid at closing.

Borrowers wanting to avoid paying discount points can expect higher mortgage rates than Freddie Mac’s reported national average.

Falling mortgage rates are nothing new throughout Ulster County. Since peaking in February 2011, mortgage rates of all types have been in steady decline. The 30-year fixed rate mortgage has shed 122 basis points since that date, falling from 5.05%; the 15-year fixed rate mortgage has shed 124 basis points, falling from 4.29%.

Low mortgage rates give today’s home buyers additional purchasing power, stretching home affordability to new heights.

Low rates also help existing homeowners to lower monthly mortgage payments. For example, as compared to mortgage rates just 15 months ago, homeowners refinancing into today’s 30-year fixed rate mortgage stand to save 13.4 percent on their respective mortgage payments.

A comparison :

• February 2011 : $539.88 principal + interest per $100,000 borrowed
• May 2012 : $467.67 principal + interest per $100,000 borrowed

A homeowner with a $300,000 mortgage at February 2011 30-year fixed rate mortgage rates would save $2,600 annually with a refinance to this week’s low rates. Even accounting for discount points and closing costs, the “break-even point” on savings like that comes relatively quickly.

Mortgage rates can’t be predicted so there’s no guarantee of low rates forever. If today’s rates meet your budget, consider locking something in. Speak with your loan officer about your options.

Some metropolitan areas are faring very well this year, posting measurable gains in both employment and housing. Other metropolitan areas, by contrast, are struggling.

To help identify those markets in which growth is occurring, the National Association of Homebuilders created the Improving Market Index, a metric analyzing three separate, independently-collected data series “indicative of improving economic health”.

The IMI’s three collected data series are :

1. Employment Growth (as published by the Bureau of Labor Statistics)
2. Home Price Growth (as published by Freddie Mac)
3. Single-Family Housing Growth (as published by the Census Bureau)

A metropolitan area is considered to be “improving” if all three indicators show growth at least six months after the respective area’s most recent trough, or “bottoming out”.

In May, there are exactly 100 U.S. markets that qualify for the NAHB’s Improving Market Index, down from 101 last month but higher by more than 800% from the reading in September 2011, the index’s inaugural release.

17 areas were added to the Improving Market Index list this month including Phoenix, Arizona; Ann Arbor, Michigan; and Bend, Oregon. 18 areas were removed from the May IMI.

83 metropolitan areas remained from April.

There is little actionable information in the Improving Markets Index but the report does a good job of highlighting how “real estate markets” can’t be summarized on a national level and remain relevant to everyday home buyers and sellers across Ulster County and nationwide. For example, Fort Collins, Colorado is listed as an Improving Market. However, Greeley, Colorado — located just 30 miles away — was just downgraded from the same list.

Home values and economies vary by region, by state, by city, by neighborhood, and even by street.

The complete Improving Markets Index can be viewed at the NAHB website but for the best read of what’s happening in your neighborhood, talk to a local Ulster County Real Estate agent.

Just Listed: Ulster County Home For Sale With Beautiful Hudson River Views

Outstanding 180 degree panoramic views of the Hudson River including the Rondout Lighthouse and Rhinecliff Bridge from this custom built Contemporary. Beautifully landscaped, this home features a bright easy flowing layout with a large kitchen, and a spacious dining room w/ sliders out to a large deck which is perfect for entertaining while overlooking the Hudson. With gleaming wood floors, and a fireplace, the living room has French Doors leading into the family room which also opens to the deck. The upstairs offers 4 bedrooms, all with views of either the river, or the beautifully landscaped yard. The finished basement includes a 2-room suite w/ Auxiliary Kitchen and separate entrance on ground floor, which is not included in the square footage. This home is complete with a stone wall in front, a beautiful walkway, flower gardens, shed, and above-ground pool. Call for an appointment today!!

Click here to view the full listing details!

Ulster County Real Estate: Catskills Real Estate, Hudson Valley Real Estate, Upstate NY Real Estate, New York Real Estate, Ulster County Homes For Sale

PRICE   Typically, condos can be found in a wide variety of price ranges, suiting the budget of just about everyone. The attributes that will drive the price up are location and what kind of upgrades have been done.

LOCATION   If you want a condo that is close to schools or your work place, look for buildings that are in walking distance. This will save you time and money on transportation. Or look for buildings that are close to public transportation.

OTHER OWNERS   While you are looking, you may want to do some research regarding who is living in the building. Most likely if you are older, you probably are not going to want to live with condos full of younger adults. Same goes for younger adults that may not want to live in a building with seniors. Do your research!

ASSOCIATION FEES   Let’s face it, you’ve found the condo of your dreams, it’s near the top of your budget, but you can make it work if the home owners association fees are reasonable. Guess what, they aren’t! Make sure that you ask this question before you look at the condo. Fees can range from $100′s-$1,000′s every month depending on the building and location.

AMENITIES   Many buildings offer pools, spas, gyms, laundry facilities, etc. If you are looking for specific things make sure you tell your real estate agent these details, so they are not wasting anyone’s time.

ASSOCIATION RULES   When you purchase a condo, you may be doing so for an investment and to rent out. Some buildings do not allow more than a certain percentage of units to be rented out to anyone, they must be owner occupied. Also, rules may include what kind and the size of the pet that you may keep. There are breed restrictions, so be sure to find that out before hand as well.

SIZE   This is crucial. Make sure you know the condo you are about to purchase is big enough for you, whomever else, and all your belongings. You will not be able to build an addition!

STORAGE   If you are going to need extra storage, you may want to look at buildings that have storage lockers in the basement for your convenience.

MAINTENANCE   Appearance is important, look around at the grounds of the building and ask yourself those simple questions. Is the grass cut? Are the hedges maintained? Are there flowers? Is the outside of the building in good shape? Is the paint fresh and clean?

INTERIOR LOCATION   The location of a condo within the building is important to some people. Corner units may be the most quiet, while condos on higher levels may provide the best views. On the other hand, a ground-level unit may be best if there is not an elevator in the building and you do not want to walk up six flights of stairs multiple times a day.

If you are thinking about purchasing a condo, contact one of our professionals today! View our listings here.

Tomorrow, April 21st, the Mescal Hornbeck Community Center on Rock City Road will be hosting an Antiques Road Show to benefit the Woodstock Library.

Time to get all those treasures out of the attic and see if they are worth anything, there will be eight antiques and art experts on staff. The event is a fundraiser for the library, no reservations are required and admission is free. Appraisal fees are $5 for the first item and $2 for each additional item.

There will also be readings and live acoustic music at the Woodstock Library on Saturday.

This festival is not about the corporate giants, but rather the people that pour their heart and soul into making a quality batch of beer. It’s about great friends coming together for fun, good food and what else? Some of the best beer you will ever taste. If you are from the area and have never been, I suggest you purchase tickets now, if you are from out of the area, plan to make a weekend out of it, it will definitely not disappoint.

Visit TAP New York’s website to purchase tickets and choose where to stay.

The Ashokan Reservoir is one of several reservoirs that was created to provide New York City with water. It is located at the eastern end of Ulster County, constructed during 1907-1915. While creating this deep reservoir, communities along its banks were relocated, some are still in existence, including West Shokan, Olivebridge, Ashokan and Shokan. Others are just remembered as historical markers along the roads that boarder the water.

Due to the need to ensure the safety of the water system and to make sure the damn on the Ashokan stays intact, limited activities are permitted. These include fishing and logging, both of which require a special license. If you do not have a public access permit to boat or fish that was issued after 2002, the permit is not valid and you are not allowed to partake in these activities. In an effort to keep the waterway as clean as possible, no swimming or gas powered motor craft are allowed.

Of course there are always politics that go along with a creation of this kind. Upstate, small town folk certainly do not mind providing clean water to the residents of NYC, but there is always a feeling they are being pushed around and taken advantage of. This always has been part of the reservoir’s history.

Fixed-Rate Mortgage

The most common type of mortgage loan taken out by homebuyers is the fixed-rate mortgage. As the name implies, fixed-rate mortgages are those that maintain the same interest rate throughout the duration of the loan. Typically, fixed-rate mortgage loans are in place for 10, 15, 20, 30, 40 or even 50 years.

Adjustable-Rate Mortgage

Adjustable-rate mortgages, or ARMs, are those with interest rates that change over time. When and how the interest rate changes depends upon the exact type of loan taken out. While the interest rate of some ARMs may change on a monthly basis, others may change once per year. Yet others remain fixed for the first several years before they begin changing on a regular basis.

Interest-Only Mortgage

With interest-only loans, the borrower pays toward only the interest for a certain period of time. After this predetermined amount of time has passed, the borrower is required to pay off the balance of the original loan balance.

Combo/Piggyback Mortgage

A combo/piggyback mortgage is one that involve taking out two loans. These loans may both be fixed-rate or adjustable-rate, or they may be a combination of the two. This type of loan is most commonly selected by those who do not have 20% to apply toward a down payment. By taking out one loan to pay the down payment, the borrower can successfully avoid paying private mortgage insurance.

FHA Loans

FHA loans provide another option for those who do not have enough money to make a 20% down payment. FHA loans, which are insured by the government, are offered to first-time homebuyers who do not have the funds necessary for a conventional loan. Not only are the down payment requirements reduced, but credit scores are not an issue when taking out an FHA loan.

VA Loan

Another government loan option is available through the Department of Veteran Affairs. While the VA loan is only available to those who have served in the U.S. Armed Forces, it is a guaranteed loan that does not require a large down payment.

About The Author – Kevin Koitz is a Bethesda real estate specialist and a Maryland Realtor with The Koitz Group.

With an increase in popularity and its proximity to NYC, Ulster County is a popular weekend destination. Many people are choosing to buy a second home in the area as a way to get out of the busy, distracting life of the city. There is a magical force in the air that will draw you back again and again, whether it be the mountains, the river, or just the creative energy you feel when you are here!!