Wednesday, December 14, 2016


Today's Best Mansion and Top  Luxury Estates in Los Angeles, Phoenix, 
San Diego, San Francisco and Seattle Listed For Sale.


www.todaysbestmansionsforsale.com 

The exact definition of the word "mansion" varies but in U.S. real estate terms, it generally defined as single family residence of more than 6,000 square feet. Mansion derives through Old French from the Latin word "mansio". The English word "manse" originally defined a property large enough for the parish priest to maintain himself. The word "manor" comes from the same root territorial holdings granted to a lord who would remain there. Therefore, it is easy to see how a "mansion" came to have its meaning.


Image result for eddie murphy's estate

Eddie Murphy's Estate, Bel Air, CA Mansion

Today's Best Mansion

#1      31412 Broad Beach Road, Malibu, CA 90265 with 6 bedrooms, 7 baths,
and 6,000 sq.ft. is listed for sale at $24,000,000.



Stunning Malibu luxury beach home with panoramic, coastline and whitewater views. Amenities include elevator, infinity pool, training gym, large chef's kitchen with Viking appliances and custom finishes throughout. Main living area flows seamlessly a into massive ocean view deck, and entertainment area, compete with outdoor fireplace. Elegant and spacious master suite includes ocean views, dual baths, closets, and private deck. Lower level includes living room that opens to breathtaking infinity pool and deck and spa overlooking beach. High quality finishes throughout and the finest of materials. Truly an exceptional Malibu Beach experience.


















Today's Top Real Estate News

How Rising Mortgage Rates May Not Matter For Housing

By Diana Olick
CNBC.com

Mortgage rates are now sitting solidly at the highest level in two years and could move even higher in the coming weeks.

Granted, December is not exactly the hottest season for the housing market — homes don't top the holiday gift list — but in January, all eyes move to the all-important spring season. This, coming after the Federal Reserve's expected rate increase on Wednesday.

Even before a Fed move, the average rate on the popular 30-year fixed mortgage shot up from record lows immediately after the presidential election, as investors piled into the stock market and sold out of the bond market [mortgage rates loosely follow the yield of the U.S. 10-year Treasury].

They then continued to move slowly higher, with the resulting move going from about 3.5 percent to now 4.25 percent. The last time rates moved by that much, in June 2013, home sales suffered and house price gains dropped by half.

This time around, however, there is great debate over whether rising rates really matter to housing. After all, increasing rates are indicative of a stronger economy, and a stronger economy favors housing.


A real estate agent exits a home for sale in Lancaster, Ohio, Jan. 9, 2015.

"If interest rates are rising because the economy is growing more rapidly, then, typically, incomes also rise, and the rise in incomes offset the increase in the size of the mortgage payment, and housing goes just fine," said Doug Duncan, chief economist at Fannie Mae, in a recent interview with National Mortgage News.

Income growth is surely a driving factor for homeownership, but buying a home is the most emotional purchase a consumer can make. While a majority of current and prospective homeowners view the U.S. real estate market favorably, there is greater concern about how an increase in the Fed's benchmark interest rate, expected to be announced Wednesday, will hit housing affordability.

A report released Tuesday by Berkshire Hathaway HomeServices, a real estate brokerage, found 76 percent of current homeowners and 79 percent of prospective homeowners cite increasing interest rates as a challenge impacting today's housing market; those are 16 and 8 percentage-point jumps, respectively, from the same time last year — just before the central bank raised its benchmark rate for the first time in nearly a decade.

The survey also showed an increased number of buyers and owners would feel anxious if rates were to rise further. Perception is everything in housing.

"Mortgage rates remain near historic lows, although it may not seem that way to recent, first-time buyers and those considering a home purchase," said Stephen Phillips, president of Berkshire Hathaway HomeServices.

Real estate experts at Redfin, another real estate brokerage, predict that rates will not move that much higher in 2017, in fact no higher than 4.3 percent on the 30-year fixed. They also expect that access to credit will be easier:

"In 2016, large financial institutions such as Bank of America, JPMorgan, Wells Fargo and Quicken all introduced mortgages requiring as little as 1 percent to 3 percent down. We expect increases in the availability of low down payment mortgages to draw more millennial buyers into the housing market," said Nela Richardson, chief economist at Redfin.

Researchers at Zillow, a property listing and analytics company, surveyed consumer housing trends and found that buying a home is less tied to current mortgage rates and more closely linked to a consumer's financial well-being. Life events, such as job changes, promotions or change in the number of people in the household are the precipitating factors for a purchase.

"While those looking to buy a home are understandably concerned about the path of rates ahead, it's important to remember that borrowing costs remain exceptionally low by historical standards," said Erin Lantz, vice president of mortgages at Zillow.

"Rising rates may impact the location or size of the home they hope to purchase, but buyers that are fully committed to buying a home are unlikely to be swayed by the FOMC's [Federal Open Market Committee] decision to raise rates."

Still, affordability is weakening for those who want to buy, especially first-time buyers. The number of homes available to the average first-time buyer fell more than 12 percent compared with 2015, according to Trulia, another real estate listing site owned by Zillow.
Starter homes make up less than one-quarter of available listings nationwide, while premium homes make up half. In addition, average first-time buyer households will need to spend 39 percent of monthly income to buy a home, which is nearly a 2 percentage-point increase over 2015.

The greatest barrier to a robust spring housing market next year is not, however, higher mortgage rates — it is lack of supply.

Listings dropped throughout 2016 compared with 2015 and show no signs of improving. While there are some signs of home price gains easing, especially in California, one of the nation's largest and priciest housing markets, sales cannot increase if there aren't more homes to buy. Homebuilders are still operating at well below historical norms, and while they increase production little by little, it is not nearly enough. Sellers are also staying put.

"We've seen housing tenure increase the past few years, and turnover is low relative to historical averages," said Richardson of Redfin. "The typical homeowner stays in their home twice as long as they did 15 years ago. An increase in rates will serve to strengthen this trend towards longer tenure and lock homeowners into their low-rate mortgages."

This happened after the rate jump in 2013 as well, and conditions for sellers are worse today — first and foremost that it's harder to find an affordable trade-up home. There is also more incentive for homeowners to trade up but keep their current home to rent.

"For a homeowner who has the gift of a 3.5 percent (or lower) 30-year fixed rate, it may pay to keep their home as an investment property even if they do decide to trade up," added Richardson.














Today's Top LA Luxury Estate






http://s3.amazonaws.com/medias.photodeck.com/a45c171a-8b44-11e3-ae03-07f23d345dbd/MG-5279-Los-Angeles-Skyline-Photo_xgaplus.jpg

The median home value in Los Angeles County is $542,600. Los Angeles County home values have gone up 7.1% over the past year and Zillow predicts they will rise 1.8% within the next year. 

The median home value in Brentwood, 90049 is $2,420,500. 90049 home values have gone up 8.4% over the past year and Zillow predicts they will rise 1.7% within the next year.


The median home value in Malibu is $2,782,400. Malibu home values have gone up 3.5% over the past year and Zillow predicts they will rise 0.6% within the next year.


The median home value in Beverly Hills is $2,930,800. Beverly Hills home values have gone up 1.9% over the past year and Zillow predicts they will rise 0.4% within the next year.

The median home value in Bel Air is $3,258,800. Bel Air home values have gone up 4.1% over the past year and Zillow predicts they will rise 0.8% within the next year.  

#1     7052 Dume Drive, Malibu, CA 90265 with 5 bedrooms, 9 baths, and 11,525 sq.ft. is listed for sale at $8,688,000.

7052 Dume Dr, Malibu, CA 90265

Presiding over the coveted Point Dume promontory along the Malibu coast, this grand European estate mirrors its heavenly surroundings both in visual appeal and volume. Enjoy every imaginable convenience starting with a vast palm-lined gated motor court and five-car garage. Open a second gate to expose a magnificent loggia and plaza featuring a sparkling pool and spa, an impressive backdrop to the covered walkway and 2-story entry. Craftsmanship abounds with exposed wood beams soaring above an open floor plan-expansive living, dining and kitchen spaces all overlooking a grassy yard as well as the divine orange coves and cobalt sheet of ocean beyond. Delight in an opulent screening room complete with a full wet bar, a game room, a gym and dance studio, a safe room, a trophy room and a massive study as well as a second-level dining terrace and kitchenette. Meet your true Costa Del Sol dream life right here in Los Angeles.

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265





Today's Top Phoenix Luxury Estate
Image result for phoenix skyline photos
The median home value in Scottsdale is $413,200. Scottsdale home values have gone up 4.3% over the past year and Zillow predicts they will rise 1.8% within the next year.

The median home value in Carefree is $729,500. Carefree home values have gone up 3.6% over the past year and Zillow predicts they will rise 1.7% within the next year.


The median home value in Paradise Valley is $1,590,000. Paradise Valley home values have gone up 1.8% over the past year and Zillow predicts they will rise 1.4% within the next year.
#1     27446 N 103rd Street, Scottsdale, AZ 85262 with 4 bedrooms, 5 baths, and 
4,489 sq.ft. is listed for sale at $3,200,000

27446 N 103rd St, Scottsdale, AZ 85262

Elegant southwest contemporary designed by James Hann and sited on one of the best lots in Estancia with unobstructed golf course and Pinnacle Peak vistas * Modern floor plan characterized by the generous great room and adjoining chef's kitchen, master suite split from the guest wing, office/den with full bathroom and separate guest casita complete with sitting room, wet bar and ensuite bedroom * Architectural details include a cohesive blend of stone, glass, wood and copper materials * The interior details include stone and wood flooring, beamed ceilings, stone slab counters, furniture-grade cabinetry, designer appliances and whole-home automation system 

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

Today's Top San Diego Luxury Estates
Image result for san diego skyline pictures

The median home value in San Diego County is $524,900. San Diego County home values have gone up 6.4% over the past year and Zillow predicts they will rise 2.1% within the next year.

The median home value in La Jolla, 92037 is $1,464,200. La Jolla, 92037 home values have gone up 2.6% over the past year and Zillow predicts they will rise 1.4% within the next year

The median home value in Solana Beach 92075 is $1,326,500. Solana Beach 92075 home values have gone up 10.8% over the past year and Zillow predicts they will rise 3.0% within the next year.

The median home value in Del Mar, 92014 is $1,598,800. Del Mar, 92014 home values have gone up 6.2% over the past year and Zillow predicts they will rise 2.3% within the next year.


The median home value in Rancho Santa Fe is $2,639,500. Rancho Santa Fe home values have declined -5.2% over the past year and Zillow predicts they will fall -1.7% within the next year.
    


#1     1142 La Jolla Rancho, La Jolla, CA 92037 with 5 bedrooms, 6 baths, and 
5,899 sq.ft. is listed for sale at $3,999,000.

1142 La Jolla Rancho Rd, La Jolla, CA 92037

Luxurious home in La Jolla Corona Estates with stunning panoramic ocean views. This one of a kind residence boasts beautiful finishes from floor to ceiling with coastal views surrounding the whole house. Experience seamless indoor/outdoor living with a large patio right off the large family room. Perfect for entertaining with a pool/jacuzzi, outdoor fireplace, bbq area, and large family play room. Endless options with room for an office, gym and vast storage areas tucked throughout the house.
1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037




Today's San Francisco Luxury Estate

Image result for san francisco skyline photos

The median home value in San Francisco is $1,116,300. San Francisco home values have gone up 0.8% over the past year and Zillow predicts they will fall -0.0% within the next year.


The median home value in Sausalito is $1,217,500. Sausalito home values have gone up 3.0% over the past year and Zillow predicts they will rise 1.3% within the next year.             


The median home value in Tiburon is $2,383,000. Tiburon home values have declined -0.1% over the past year and Zillow predicts they will rise 1.2% within the next year.


The median home value in Saratoga is $2,367,600. Saratoga home values have gone up 1.3% over the past year and Zillow predicts they will fall -0.3% within the next year


#1     320 Sea Cliff Avenue, San Francis-Sea Cliff, CA 94121 with 4 bedrooms, 
5 baths, and 5,200 sq.ft. is listed for sale at $16,000,000  



This classic, private and gated estate is perched high on the cliffs in the very desirable
enclave of Sea Cliff. Built in 1926, the home's vibrant tile work, red-tiled rooflines and turrets express the height of the 1920s Spanish Colonial Revival period. Huge picture windows 
frame dramatic panoramic views of crashing whitewater, Land's End at China Beach, the Pacific Ocean and the Marin Headlands. With 4+ bedrooms, 4.5 baths, grand curved 
staircase, classic dining and living rooms, beautifully remodeled kitchen, large family 
room with media center, exquisite oceanview terrace and more, this home offers privacy, elegance and comfortable family living.
















Today's Top Seattle Luxury Estates

Image result for seattle skyline photos


The median home value in Kirkland is $595,300. Kirkland home values have gone up 

 15.6% over the past year and Zillow predicts they will rise 6.6% within the next year.

The median home value in Seattle is $611,500. Seattle home values have gone up 14.4% 

over the past year and Zillow predicts they will rise 6.3% within the next year.

The median home value in Bellevue is $743,500. Bellevue home values have gone up 13.9% over the past year and Zillow predicts they will rise 5.9% within the next year


The median home value in Mercer Island is $1,296,100. Mercer Island home values have 
gone up 13.9% over the past year and Zillow predicts they will rise 5.7% 

The median home value in Clyde Hill is $2,218,000. Clyde Hill home values have gone up 12.3% over the past year and Zillow predicts they will rise 6.0% within the next year.

The median home value in Medina is $2,311,900. Medina home values have gone up 10.4% over the past year and Zillow predicts they will rise 4.8% within the next year.

#1      8580 Hunts Point Lane, Hunts Point, WA 98004 with 6 bedrooms, 6 baths, 
and 5,574 sq.ft. is listed for sale at $6,460,000.   

8580 Hunts Point Ln, Hunts Point, WA 98004

Launch into the coveted Hunt's Point waterfront lifestyle. This 6 bed/5.25 bath estate was remodeled in 1992 is reminiscent of the finest European homes with treasured grounds on a unique and private waterfront playground. This home is a hidden gem. Lovingly updated/maintained with Tudor detailing by the renowned Owen Roberts, this home is as timeless as it is luxurious. The floor plan is perfect for everyday living. Approx 150ft of shoreline allows plenty of room for your yacht!

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

Mortgage Rates Daily Update                                                                      52 Week

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.19%4.21%-0.023.34%4.24%
15 Yr FRM3.39%3.41%-0.022.69%3.45%
FHA 30 Year Fixed3.90%3.90%--3.15%3.95%
Jumbo 30 Year Fixed4.25%4.26%-0.013.41%4.26%
5/1 Yr ARM3.05%3.07%-0.022.80%3.10%
Updated: 12/13/16 2:27 PM

Mortgage Rates Steady-to-Lower Ahead of Fed Day
Dec 13 2016, 4:10PM

Mortgage rates started stronger out of the gate, but morning weakness in bond markets prompted many lenders to adjust rates higher by early afternoon.  On balance, the average  lender ended the day just a hair better than yesterday's latest levels.  To be clear, we're talking about microscopic differences.  Note rates are the same as yesterday.  The most prevalent conventional 30yr fixed quote is 4.25%, followed closely by 4.125%.  The microscopic improvement refers to changes in upfront costs/credits. 
   
In the bigger picture, rates remain very close to the highest levels in more than 2 years.  November proved to be one of the worst months in mortgage rate history, based on the abruptness of the move higher.  The damage was primarily due to investors rapidly reassessing future growth and inflation potential following the election.  By comparison, Fed policy has been less consequential.  But tomorrow's Fed announcement can still cause volatility for rates.

While there is widespread agreement that the Fed will hike its policy rate tomorrow, investors are nonetheless curious to see how the Fed's economic projections evolve.  This will help market participants get an idea of how the Fed is leaning with respect to future hikes, and it's the expected pace of those future hikes that do most to influence mortgage rates in the present.  

Loan Originator Perspective


Since the Presidential elections, rates have done nothing but want to move higher.   Tomorrow, we get the Fed announcement and without a doubt they will be hiking which is priced in but market will be paying attention to the press conference and the written statement to hopefully get a hint at the future timing of more hikes. As much as I want to be  aggressive and say float, I think locking is the way to go.  Even if we rally, I think it will be met with selling.   Locking is the safe call. -Victor Burek, Churchill Mortgage

Rate markets idled in place today, ending near unchanged on the eve of Wednesday's Fed Policy Statement and Chairwoman Yellen press conference.  It's a forgone conclusion that the overnight rate will increase by .25%, the wild card is the Statement's verbiage and Ms. Yellen's rhetoric afterwards.  I see higher chances of rates continuing their recent slide than finding grounds to rally, my pipeline is locked.  It would take a shocking amount of dovish comments to alter inflation expectations, I don't see it happening.  Float at your own risk. -
Ted Rood, Senior Originator

Today's Best-Execution Rates

  • 30YR FIXED - 4.25%
  • FHA/VA - 4.0%
  • 15 YEAR FIXED - 3.375%
  • 5 YEAR ARMS -  2.75 - 3.25% depending on the lender
Ongoing Lock/Float Considerations
  • Rates had been trending higher since hitting all-time lows in early July, and exploded higher following the presidential election
  • Some investors are increasingly worried/convinced that the decades-long trend toward lower rates has been permanently reversed, but such a conclusion would require YEARS to truly confirm
  • With the incoming administration's policies driving a large portion of upward rate momentum, mortgage rates will be hard-pressed to make significant improvements until after Trump takes office.  Rates can move for other reasons, but it would take something big and unexpected for rates to move appreciably lower.
     
  • We'd need to see a sustained push back toward lower rates (something that lasts more than 3 days) before anything less than a cautious, lock-biased approach makes sense for all but the most risk-tolerant borrowers.
     
  • As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution(that is, the most frequently quoted, conforming, conventional 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.'  Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy.  It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method). 

Today's  Best Real Estate H



Today's Best Mansion and Top  Luxury Estates in Los Angeles, Phoenix, 
San Diego, San Francisco and Seattle Listed For Sale.


www.todaysbestmansionsforsale.com 

The exact definition of the word "mansion" varies but in U.S. real estate terms, it generally defined as single family residence of more than 6,000 square feet. Mansion derives through Old French from the Latin word "mansio". The English word "manse" originally defined a property large enough for the parish priest to maintain himself. The word "manor" comes from the same root territorial holdings granted to a lord who would remain there. Therefore, it is easy to see how a "mansion" came to have its meaning.


Image result for eddie murphy's estate

Eddie Murphy's Estate, Bel Air, CA Mansion

Today's Best Mansion

#1      31412 Broad Beach Road, Malibu, CA 90265 with 6 bedrooms, 7 baths,
and 6,000 sq.ft. is listed for sale at $24,000,000.



Stunning Malibu luxury beach home with panoramic, coastline and whitewater views. Amenities include elevator, infinity pool, training gym, large chef's kitchen with Viking appliances and custom finishes throughout. Main living area flows seamlessly a into massive ocean view deck, and entertainment area, compete with outdoor fireplace. Elegant and spacious master suite includes ocean views, dual baths, closets, and private deck. Lower level includes living room that opens to breathtaking infinity pool and deck and spa overlooking beach. High quality finishes throughout and the finest of materials. Truly an exceptional Malibu Beach experience.


















Today's Top Real Estate News

How Rising Mortgage Rates May Not Matter For Housing

By Diana Olick
CNBC.com

Mortgage rates are now sitting solidly at the highest level in two years and could move even higher in the coming weeks.

Granted, December is not exactly the hottest season for the housing market — homes don't top the holiday gift list — but in January, all eyes move to the all-important spring season. This, coming after the Federal Reserve's expected rate increase on Wednesday.

Even before a Fed move, the average rate on the popular 30-year fixed mortgage shot up from record lows immediately after the presidential election, as investors piled into the stock market and sold out of the bond market [mortgage rates loosely follow the yield of the U.S. 10-year Treasury].

They then continued to move slowly higher, with the resulting move going from about 3.5 percent to now 4.25 percent. The last time rates moved by that much, in June 2013, home sales suffered and house price gains dropped by half.

This time around, however, there is great debate over whether rising rates really matter to housing. After all, increasing rates are indicative of a stronger economy, and a stronger economy favors housing.


A real estate agent exits a home for sale in Lancaster, Ohio, Jan. 9, 2015.

"If interest rates are rising because the economy is growing more rapidly, then, typically, incomes also rise, and the rise in incomes offset the increase in the size of the mortgage payment, and housing goes just fine," said Doug Duncan, chief economist at Fannie Mae, in a recent interview with National Mortgage News.

Income growth is surely a driving factor for homeownership, but buying a home is the most emotional purchase a consumer can make. While a majority of current and prospective homeowners view the U.S. real estate market favorably, there is greater concern about how an increase in the Fed's benchmark interest rate, expected to be announced Wednesday, will hit housing affordability.

A report released Tuesday by Berkshire Hathaway HomeServices, a real estate brokerage, found 76 percent of current homeowners and 79 percent of prospective homeowners cite increasing interest rates as a challenge impacting today's housing market; those are 16 and 8 percentage-point jumps, respectively, from the same time last year — just before the central bank raised its benchmark rate for the first time in nearly a decade.

The survey also showed an increased number of buyers and owners would feel anxious if rates were to rise further. Perception is everything in housing.

"Mortgage rates remain near historic lows, although it may not seem that way to recent, first-time buyers and those considering a home purchase," said Stephen Phillips, president of Berkshire Hathaway HomeServices.

Real estate experts at Redfin, another real estate brokerage, predict that rates will not move that much higher in 2017, in fact no higher than 4.3 percent on the 30-year fixed. They also expect that access to credit will be easier:

"In 2016, large financial institutions such as Bank of America, JPMorgan, Wells Fargo and Quicken all introduced mortgages requiring as little as 1 percent to 3 percent down. We expect increases in the availability of low down payment mortgages to draw more millennial buyers into the housing market," said Nela Richardson, chief economist at Redfin.

Researchers at Zillow, a property listing and analytics company, surveyed consumer housing trends and found that buying a home is less tied to current mortgage rates and more closely linked to a consumer's financial well-being. Life events, such as job changes, promotions or change in the number of people in the household are the precipitating factors for a purchase.

"While those looking to buy a home are understandably concerned about the path of rates ahead, it's important to remember that borrowing costs remain exceptionally low by historical standards," said Erin Lantz, vice president of mortgages at Zillow.

"Rising rates may impact the location or size of the home they hope to purchase, but buyers that are fully committed to buying a home are unlikely to be swayed by the FOMC's [Federal Open Market Committee] decision to raise rates."

Still, affordability is weakening for those who want to buy, especially first-time buyers. The number of homes available to the average first-time buyer fell more than 12 percent compared with 2015, according to Trulia, another real estate listing site owned by Zillow.
Starter homes make up less than one-quarter of available listings nationwide, while premium homes make up half. In addition, average first-time buyer households will need to spend 39 percent of monthly income to buy a home, which is nearly a 2 percentage-point increase over 2015.

The greatest barrier to a robust spring housing market next year is not, however, higher mortgage rates — it is lack of supply.

Listings dropped throughout 2016 compared with 2015 and show no signs of improving. While there are some signs of home price gains easing, especially in California, one of the nation's largest and priciest housing markets, sales cannot increase if there aren't more homes to buy. Homebuilders are still operating at well below historical norms, and while they increase production little by little, it is not nearly enough. Sellers are also staying put.

"We've seen housing tenure increase the past few years, and turnover is low relative to historical averages," said Richardson of Redfin. "The typical homeowner stays in their home twice as long as they did 15 years ago. An increase in rates will serve to strengthen this trend towards longer tenure and lock homeowners into their low-rate mortgages."

This happened after the rate jump in 2013 as well, and conditions for sellers are worse today — first and foremost that it's harder to find an affordable trade-up home. There is also more incentive for homeowners to trade up but keep their current home to rent.

"For a homeowner who has the gift of a 3.5 percent (or lower) 30-year fixed rate, it may pay to keep their home as an investment property even if they do decide to trade up," added Richardson.









Today's Top LA Luxury Estate




http://s3.amazonaws.com/medias.photodeck.com/a45c171a-8b44-11e3-ae03-07f23d345dbd/MG-5279-Los-Angeles-Skyline-Photo_xgaplus.jpg

The median home value in Los Angeles County is $542,600. Los Angeles County home values have gone up 7.1% over the past year and Zillow predicts they will rise 1.8% within the next year. 

The median home value in Brentwood, 90049 is $2,420,500. 90049 home values have gone up 8.4% over the past year and Zillow predicts they will rise 1.7% within the next year.


The median home value in Malibu is $2,782,400. Malibu home values have gone up 3.5% over the past year and Zillow predicts they will rise 0.6% within the next year.


The median home value in Beverly Hills is $2,930,800. Beverly Hills home values have gone up 1.9% over the past year and Zillow predicts they will rise 0.4% within the next year.

The median home value in Bel Air is $3,258,800. Bel Air home values have gone up 4.1% over the past year and Zillow predicts they will rise 0.8% within the next year.  

#1     7052 Dume Drive, Malibu, CA 90265 with 5 bedrooms, 9 baths, and 11,525 sq.ft. is listed for sale at $8,688,000.

7052 Dume Dr, Malibu, CA 90265

Presiding over the coveted Point Dume promontory along the Malibu coast, this grand European estate mirrors its heavenly surroundings both in visual appeal and volume. Enjoy every imaginable convenience starting with a vast palm-lined gated motor court and five-car garage. Open a second gate to expose a magnificent loggia and plaza featuring a sparkling pool and spa, an impressive backdrop to the covered walkway and 2-story entry. Craftsmanship abounds with exposed wood beams soaring above an open floor plan-expansive living, dining and kitchen spaces all overlooking a grassy yard as well as the divine orange coves and cobalt sheet of ocean beyond. Delight in an opulent screening room complete with a full wet bar, a game room, a gym and dance studio, a safe room, a trophy room and a massive study as well as a second-level dining terrace and kitchenette. Meet your true Costa Del Sol dream life right here in Los Angeles.

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265

7052 Dume Dr, Malibu, CA 90265



Today's Top Phoenix Luxury Estate
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The median home value in Scottsdale is $413,200. Scottsdale home values have gone up 4.3% over the past year and Zillow predicts they will rise 1.8% within the next year.

The median home value in Carefree is $729,500. Carefree home values have gone up 3.6% over the past year and Zillow predicts they will rise 1.7% within the next year.


The median home value in Paradise Valley is $1,590,000. Paradise Valley home values have gone up 1.8% over the past year and Zillow predicts they will rise 1.4% within the next year.
#1     27446 N 103rd Street, Scottsdale, AZ 85262 with 4 bedrooms, 5 baths, and 
4,489 sq.ft. is listed for sale at $3,200,000

27446 N 103rd St, Scottsdale, AZ 85262

Elegant southwest contemporary designed by James Hann and sited on one of the best lots in Estancia with unobstructed golf course and Pinnacle Peak vistas * Modern floor plan characterized by the generous great room and adjoining chef's kitchen, master suite split from the guest wing, office/den with full bathroom and separate guest casita complete with sitting room, wet bar and ensuite bedroom * Architectural details include a cohesive blend of stone, glass, wood and copper materials * The interior details include stone and wood flooring, beamed ceilings, stone slab counters, furniture-grade cabinetry, designer appliances and whole-home automation system 

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

27446 N 103rd St, Scottsdale, AZ 85262

Today's Top San Diego Luxury Estates
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The median home value in San Diego County is $524,900. San Diego County home values have gone up 6.4% over the past year and Zillow predicts they will rise 2.1% within the next year.

The median home value in La Jolla, 92037 is $1,464,200. La Jolla, 92037 home values have gone up 2.6% over the past year and Zillow predicts they will rise 1.4% within the next year

The median home value in Solana Beach 92075 is $1,326,500. Solana Beach 92075 home values have gone up 10.8% over the past year and Zillow predicts they will rise 3.0% within the next year.

The median home value in Del Mar, 92014 is $1,598,800. Del Mar, 92014 home values have gone up 6.2% over the past year and Zillow predicts they will rise 2.3% within the next year.


The median home value in Rancho Santa Fe is $2,639,500. Rancho Santa Fe home values have declined -5.2% over the past year and Zillow predicts they will fall -1.7% within the next year.
    


#1     1142 La Jolla Rancho, La Jolla, CA 92037 with 5 bedrooms, 6 baths, and 
5,899 sq.ft. is listed for sale at $3,999,000.

1142 La Jolla Rancho Rd, La Jolla, CA 92037

Luxurious home in La Jolla Corona Estates with stunning panoramic ocean views. This one of a kind residence boasts beautiful finishes from floor to ceiling with coastal views surrounding the whole house. Experience seamless indoor/outdoor living with a large patio right off the large family room. Perfect for entertaining with a pool/jacuzzi, outdoor fireplace, bbq area, and large family play room. Endless options with room for an office, gym and vast storage areas tucked throughout the house.
1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037

1142 La Jolla Rancho Rd, La Jolla, CA 92037


Today's San Francisco Luxury Estate

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The median home value in San Francisco is $1,116,300. San Francisco home values have gone up 0.8% over the past year and Zillow predicts they will fall -0.0% within the next year.


The median home value in Sausalito is $1,217,500. Sausalito home values have gone up 3.0% over the past year and Zillow predicts they will rise 1.3% within the next year.             


The median home value in Tiburon is $2,383,000. Tiburon home values have declined -0.1% over the past year and Zillow predicts they will rise 1.2% within the next year.


The median home value in Saratoga is $2,367,600. Saratoga home values have gone up 1.3% over the past year and Zillow predicts they will fall -0.3% within the next year


#1     320 Sea Cliff Avenue, San Francis-Sea Cliff, CA 94121 with 4 bedrooms, 
5 baths, and 5,200 sq.ft. is listed for sale at $16,000,000  



This classic, private and gated estate is perched high on the cliffs in the very desirable
enclave of Sea Cliff. Built in 1926, the home's vibrant tile work, red-tiled rooflines and turrets express the height of the 1920s Spanish Colonial Revival period. Huge picture windows 
frame dramatic panoramic views of crashing whitewater, Land's End at China Beach, the Pacific Ocean and the Marin Headlands. With 4+ bedrooms, 4.5 baths, grand curved 
staircase, classic dining and living rooms, beautifully remodeled kitchen, large family 
room with media center, exquisite oceanview terrace and more, this home offers privacy, elegance and comfortable family living.













Today's Top Seattle Luxury Estates

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The median home value in Kirkland is $595,300. Kirkland home values have gone up 

 15.6% over the past year and Zillow predicts they will rise 6.6% within the next year.

The median home value in Seattle is $611,500. Seattle home values have gone up 14.4% 

over the past year and Zillow predicts they will rise 6.3% within the next year.

The median home value in Bellevue is $743,500. Bellevue home values have gone up 13.9% over the past year and Zillow predicts they will rise 5.9% within the next year


The median home value in Mercer Island is $1,296,100. Mercer Island home values have 
gone up 13.9% over the past year and Zillow predicts they will rise 5.7% 

The median home value in Clyde Hill is $2,218,000. Clyde Hill home values have gone up 12.3% over the past year and Zillow predicts they will rise 6.0% within the next year.

The median home value in Medina is $2,311,900. Medina home values have gone up 10.4% over the past year and Zillow predicts they will rise 4.8% within the next year.

#1      8580 Hunts Point Lane, Hunts Point, WA 98004 with 6 bedrooms, 6 baths, 
and 5,574 sq.ft. is listed for sale at $6,460,000.   

8580 Hunts Point Ln, Hunts Point, WA 98004

Launch into the coveted Hunt's Point waterfront lifestyle. This 6 bed/5.25 bath estate was remodeled in 1992 is reminiscent of the finest European homes with treasured grounds on a unique and private waterfront playground. This home is a hidden gem. Lovingly updated/maintained with Tudor detailing by the renowned Owen Roberts, this home is as timeless as it is luxurious. The floor plan is perfect for everyday living. Approx 150ft of shoreline allows plenty of room for your yacht!

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

8580 Hunts Point Ln, Hunts Point, WA 98004

Mortgage Rates Daily Update                                                                      52 Week

ProductTodayYesterdayChangeLowHigh
30 Yr FRM4.19%4.21%-0.023.34%4.24%
15 Yr FRM3.39%3.41%-0.022.69%3.45%
FHA 30 Year Fixed3.90%3.90%--3.15%3.95%
Jumbo 30 Year Fixed4.25%4.26%-0.013.41%4.26%
5/1 Yr ARM3.05%3.07%-0.022.80%3.10%
Updated: 12/13/16 2:27 PM

Mortgage Rates Steady-to-Lower Ahead of Fed Day
Dec 13 2016, 4:10PM

Mortgage rates started stronger out of the gate, but morning weakness in bond markets prompted many lenders to adjust rates higher by early afternoon.  On balance, the average  lender ended the day just a hair better than yesterday's latest levels.  To be clear, we're talking about microscopic differences.  Note rates are the same as yesterday.  The most prevalent conventional 30yr fixed quote is 4.25%, followed closely by 4.125%.  The microscopic improvement refers to changes in upfront costs/credits. 
   
In the bigger picture, rates remain very close to the highest levels in more than 2 years.  November proved to be one of the worst months in mortgage rate history, based on the abruptness of the move higher.  The damage was primarily due to investors rapidly reassessing future growth and inflation potential following the election.  By comparison, Fed policy has been less consequential.  But tomorrow's Fed announcement can still cause volatility for rates.

While there is widespread agreement that the Fed will hike its policy rate tomorrow, investors are nonetheless curious to see how the Fed's economic projections evolve.  This will help market participants get an idea of how the Fed is leaning with respect to future hikes, and it's the expected pace of those future hikes that do most to influence mortgage rates in the present.  

Loan Originator Perspective


Since the Presidential elections, rates have done nothing but want to move higher.   Tomorrow, we get the Fed announcement and without a doubt they will be hiking which is priced in but market will be paying attention to the press conference and the written statement to hopefully get a hint at the future timing of more hikes. As much as I want to be  aggressive and say float, I think locking is the way to go.  Even if we rally, I think it will be met with selling.   Locking is the safe call. -Victor Burek, Churchill Mortgage

Rate markets idled in place today, ending near unchanged on the eve of Wednesday's Fed Policy Statement and Chairwoman Yellen press conference.  It's a forgone conclusion that the overnight rate will increase by .25%, the wild card is the Statement's verbiage and Ms. Yellen's rhetoric afterwards.  I see higher chances of rates continuing their recent slide than finding grounds to rally, my pipeline is locked.  It would take a shocking amount of dovish comments to alter inflation expectations, I don't see it happening.  Float at your own risk. -
Ted Rood, Senior Originator

Today's Best-Execution Rates

  • 30YR FIXED - 4.25%
  • FHA/VA - 4.0%
  • 15 YEAR FIXED - 3.375%
  • 5 YEAR ARMS -  2.75 - 3.25% depending on the lender
Ongoing Lock/Float Considerations
  • Rates had been trending higher since hitting all-time lows in early July, and exploded higher following the presidential election
  • Some investors are increasingly worried/convinced that the decades-long trend toward lower rates has been permanently reversed, but such a conclusion would require YEARS to truly confirm
  • With the incoming administration's policies driving a large portion of upward rate momentum, mortgage rates will be hard-pressed to make significant improvements until after Trump takes office.  Rates can move for other reasons, but it would take something big and unexpected for rates to move appreciably lower.
     
  • We'd need to see a sustained push back toward lower rates (something that lasts more than 3 days) before anything less than a cautious, lock-biased approach makes sense for all but the most risk-tolerant borrowers.
     
  • As always, please keep in mind that the rates discussed generally refer to what we've termed 'best-execution(that is, the most frequently quoted, conforming, conventional 30yr fixed rate for top tier borrowers, based not only on the outright price, but also 'bang-for-the-buck.'  Generally speaking, our best-execution rate tends to connote no origination or discount points--though this can vary--and tends to predict Freddie Mac's weekly survey with high accuracy.  It's safe to assume that our best-ex rate is the more timely and accurate of the two due to Freddie's once-a-week polling method). 

Today's  Best Real Estate Humor

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Tom Furino
furtree@msn.com
619-944-8749