County Assessments Updated by June 1

The county property appraiser has committed to having assessed values posted by the first of June. To check the value of your property use the Broward County website http://www.bcpa.net/ , click on 'Property Search' and follow the look up instructions.

What More Can I Say About INTEREST RATES?

Mortage rates continue to be a great aspect in this buyers' market. For example, the purchase of a $250,000 home at the interest rates in place last July would've cost about $250.00 more than a purchase today. That's an annual savings of $3,000.00 (a nice vacation...perhaps?)

Is the END Near?

There are a lot of interesting trends developing to suggest that the real estate market might be approaching a turning point toward a healthier state. The charts in this post present the inventory of available properties in terms of months' inventory. This is derived by dividing the number of properties on the market by the number of sales for the month. A 'normal' market has an inventory of 12 months or less. It is encouraging to see steady progress toward that level.

Sales Analysis for April

Once again distressed sales (Foreclosures and Short Sales) dominated the numbers of single family homes sold in April. The number of distressed sales represented just under 61% of total sales in the month with dollar volume of 56.7%.

Better Economic News Lifts Mortgage Rates Slightly

This week provides a sign that the great mortgage rates we've been enjoying won't last forever. As we raise out of the recession, interest rates will follow. There are lots of great buys out there folks and these historically low interest rates coupled with a tax credit for those who qualify make this the year to BUY!

Average Rates Repeat Historical Low

Average interest rates again met the historically low rate of 4.78% this week. The interesting thing to note is how much rates have dropped since just October of last year (see chart). In real-money terms this means that a mortgage of $200,000 would have a payment about $220 lower today than one taken out in October.

These rates make this an even more inviting market for buyers and with the inventory of un-sold homes shrinking, NOW is the time to get serious.

Open House

1300 S Ocean 9th floor. $848,900

Listing Agent: Jocelyn Blaylock, Keyes

This Week's Best Buys

Click on the link below to see the homes priced in the 'sweet spot' in the Imperial Point area. Call me to see any of these great properties.

Imperial Point Best Buys

New Listing to Pending Sale Ratio

In my never-ending quest to find good news in the real estate market; let me share this fun statistic. The chart to the right depicts the change in a ratio that represents how many new listings are being 'canceled out' by listings coming off the market through a pending sale.

The curve of this graph was consistently in a downward direction as the market cooled as inventory of properties on the market expanded while sales volume declined. The graph (you guessed it) flattened out as we were in the doldrums in 2007 and 2008 so the apparent upward trend is a great sign moving forward.

Monthly Numbers

Gather 'round chart-lovers here are the graphical statistics for March. Sales are up and the available inventory is going down all pointing toward a more normalized real estate environment.

Interest Rates Still Low

....so why aren't you BUYING??? ;)

Distressed Sales in March

Distressed Sales (foreclosures & short sales) represented about 36% of the dollar volume of all sales in the month of March. This is the third successive month of diminished dollar value at about the same percentage of units sold throughout the period. This is yet further evidence of banks and owners lowering prices to attract buyers into the marketplace.

Slight Uptick

In what looks like a case of dyslexia, average rates rose from the historical low of 4.78% to 4.87%. These low rates have resulted in a substantial increase in new loans and refinacings for the 5 weeks ending on April 3rd. New loans increased 22% in the period and refinancings were up 129% according to the Mortgage Banker's Association.

Average Mortgage Rates Continue Falling

Average mortgage rates, as reported by Freddie Mac, continued to fall within the record setting territory reached last week. Continued reports of a weakening economy along with infusions of funds from the Federal Reserve have been keeping mortgage rates at these levels.

Mortgage Interest Rates Hit Record Low

Average mortgage interest rates reported by Freddie Mac hit the lowest rate since Freddie began measurement of rates more than 30 years ago.

“The Federal Reserve’s announcement that it intends to purchase Treasury securities over the next six months caused bond yields to drop and mortgage rates followed,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Rates for 30-Yr FRMs peaked last year at 6.63 percent on July 24th. With this week's 30-Yr FRM, the interest rate difference is almost 2 percentage points, which amounts to a savings of about $225 in monthly mortgage payments for a $200,000 loan.

“And potential homebuyers are taking notice of these historically low mortgage rates. Both new and existing home sales rose 5 percent in February. First-time homebuyers accounted for half of all existing home sales, according to the National Association of Realtors®. In addition, mortgage applications for home purchases consecutively rose over the first three weeks in March, based on figures published by the Mortgage Bankers Association.”

What a Trillion or so can do....

If we view the mortgage funds supply like a python...imagine it just ate a rhinoceros. The Federal Reserve "fed the python" a little over a trillion dollars this week in yet another attempt to get funds into the hands of people willing to spend them. Average mortgage interest rates fell to just under 5% just a tad above it's most recent low in January of this year. I suspect rates will fall even lower as the markets absorb the impact of the Fed's infusion. Is this a great time to be a buyer or WHAT?

Up a Little Down a Little

..with the best news being that rates remain around 5%. Contrary to what is often heard in the media, lenders ARE making loans, particularly on single family homes. The qualifications have returned to traditional ratios of income and expenses but prices on homes have come down considerably so a home is within reach for many.

Sales Units Increase as Prices Fall

February statistics show sales on a steady increase, up 19% for the first two months of this year. What's driving this, of course is a fairly steep continued drop in the average price, down 41% in January and February (as compared with 2008). The inventory of properties on the market continues to fall along with the increase sales activity and a slowing of new listings as sellers (who have the luxury) evaluate their options.

Broward County Sales Analysis

More interesting numbers on closed sales with 'distressed' properties (foreclosures/short sales) leading in UNITS SOLD but trailing in dollar volume as measured against non-distressed homes. The average number of days on market for a foreclosure property is 76; 198 for a short sale and 121 for non-distressed. Note that statistics are for single family sales as reported by the Realtor Association of Greater Fort Lauderdale.

Is Anything Selling?

Here's a case in point of what's happening in our market these days. On February 20th, I started a new section of this blog to identify what I perceive as "Best Buys" in targeted neighborhoods. The first neighborhood was my own, Imperial Point in which I identified 5 properties as Best Buys. I noticed today that THREE of the five are now UNDER CONTRACT. The lesson is that properties, priced correctly WILL SELL!

Victoria Park-Lake Ridge Best Buys

We're all hearing it's a 'Buyers' Market'; here are a few that I feel are the best buys in the Victoria Park/Lake Ridge area as of this week. Click on the link below to see what I've found. Call me if you'd like more information on any of these great homes!

Victoria Park/Lake Ridge Best Buys

Weekly Intrest Rates Up due to Bond Yields

"Mortgage rates followed bond yields higher this week following reports of record continuing jobless claims and a downward revision in economic growth in the fourth quarter of 2008," said Frank Nothaft, Freddie Mac vice president and chief economist. "Real Gross Domestic Product was revised from a 3.8 percent decline to a 6.2 percent drop in the fourth quarter mostly led by a 4.3 percent fall in consumer spending, which was the largest decrease since the second quarter of 1980.
"The housing market continues to slow as well. New home sales fell 10.2 percent in January to the slowest pace since records began in January 1963 while pending existing home sales slowed by 7.7 percent, the weakest since the series began in January 2001. More recently the Federal Reserve noted in its March 4th regional economic report that residential real estate markets remained in the doldrums in most areas, with only scattered, very tentative signs of stabilization."

Summary of 1st Time Homebuyer's Tax Credit
There is GREAT news for first-time home buyers. The Federal Stimulus Bill of 2009 provides great incentives for those interested in purchasing homes this year. While many homes are at an all-time low price, this is the time to get serious and start looking. While prices might drop slightly as the market turns, the home of your dreams may be purchased by someone slightly quicker to make a move. Don't delay any longer if you or anyone you know are seriously interested in finding your dream home.

A summary of the new law follows:
1. Up to $8,000 for new buyers: This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. This credit does not have to be repaid.
2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.
3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.
4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.
5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.
6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)

So, if you are ready to take advantage of this opportunity, contact me immediately. Interest rates are phenomenal and the inventory, while shrinking, still provides a large number of homes from which to select yours.

Average Mortgage Rates Up Slightly

Freddie Mac's Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.07 percent with an average 0.7 point for the week ending February 26, 2009, up from last week when it averaged 5.04 percent. Last year at this time, the 30-year FRM averaged 6.24 percent.

"Mortgage rates were little changed this week amid mixed data reports of a slowing economy," said Frank Nothaft, Freddie Mac vice president and chief economist. "Both the core Producer Price and Consumer Price Indexes ticked up in January, higher than the market consensus, while consumer confidence in February fell to the lowest reading since records began in January 1967.
"Lower house prices and affordable mortgage rates have yet to spur housing demand. For instance, house prices declined by 8.7 percent for the 12 months ending in December 2008 and were down 10.9 percent from their highs set ion April of 2007, according to the Federal Housing Finance Agency's purchase-only monthly home price index. However, existing home sales (excluding condominiums and co-ops) fell 4.7 percent in January to 4.05 million units (annualized), the slowest pace since July 1997."

Case-Shiller Index Findings for Miami/Fort Lauderdale
The market value of single family homes in the Miami/Fort Lauderdale market declined 2.7% in December. The decline is a bit higher than November (-2.1%) but an improvement from the years’ steepest decline of -4.51% in March. Based on this index the value of single family homes decreased an average of 33.52% for 2008.

Case-Shiller Index Tiered Value for Miami/Fort Lauderdale
The index through December shows continued rapid decline in the “high tier” (lime green line). More valuable homes withstood the decline early in the changed market but forces seem to be catching up now.

The statistical references used for High/Medium/Low have changed as follows from the peak in 2006:

While difficult for many sellers, the continued downward pressure on the average price of a home will improve the affordability of our market and hopefully lead to a more vibrant real estate environment.

Upside Down?
Thanks to a recent agreement with the Keyes Company, I am now able to bring the resources of Short Sale Operations, LLC to homeowners who qualify. I'll apply all the tools of marketing and representation simultaneously with Short Sale Operations' efforts in negotiation and follow up with lenders. Call today to discuss if a short sale is possible in your situation:

A seller may qualify for a short sale if:

1. Their liabilities exceed assets
2. There is insufficient income, after reasonable living expenses, to make mortgage payments
3. The seller understands that they will not receive any money from the sale of the property
4. The seller understands there is no guarantee; however their Realtor and Short Sale Operations, LLC will work diligently to close a successful short sale transaction.

Imperial Point Area Best Buys

We're all hearing it's a 'Buyers' Market'; here are a few that I feel are the best buys in the Imperial Point area as of this week. Click on the link below to see what I've found. Call me if you'd like more information on any of these great homes!

Imperial Point Area Best Buys

Good News! (for mortgage interest rates)

All that bad economic news we’ve been enduring this week has at least resulted in another drop in average mortgage interest rates. "Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation," said Frank Nothaft, Freddie Mac vice president and chief economist. "And consumer sentiment fell in February for the first time in three months to near its lowest level since May 1980, while industrial production slowed in January by more than the market consensus. In addition, the Federal Reserve lowered its growth forecasts for this year during its policy-setting meeting on January 27-28, noting a deeper contraction in the economy as the credit crunch tightens.

Average Mortgage Rate Drop Spurs Refinancing Activity

Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.16 percent with an average 0.7 point for the week ending February 12, 2009, down from last week when it averaged 5.25 percent. Last year at this time, the 30-year FRM averaged 5.72 percent.

"Interest rates for 30-year fixed-rate mortgages are almost 1.5 percentage points below 2008's peak set on July 24, 2008, offering many homeowners an incentive to refinance," said Frank Nothaft, Freddie Mac vice president and chief economist. "This would translate into a monthly payment savings of around $188 on a $200,000 mortgage".

Broward County January Sales

Analysis of last month's sales of single family homes shows that nearly two-thirds of the closed sales were distressed (forclosure/reo and short sales). It is interesting to note that the median selling price of the distressed properties is about 35% below that of the one-third that sold as "arms length".

Rates Respond to Economic GOOD News (hmmm)

"Interest rates for fixed-rate mortgages rose this week amid economic reports that were somewhat better than consensus forecasts had anticipated," said Frank Nothaft, Freddie Mac vice president and chief economist. "The economy slowed by 3.8 percent in the fourth quarter of 2008, less than the market consensus, with inflationary pressures held at bay. Meanwhile, personal incomes fell by only half as much as some market forecasters predicted.

Mortgage Rates Hover Just Above 5%

Mortgage rates held steady this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "The index of leading indicators rose 0.3 percent in December, the first increase in 6 months, fueled by an expansion in the money supply. However, the Federal Reserve acknowledged in its January 28th policy committee statement that since December the economy has weakened further.

More EXCITING Statistics!

Another plotting of Case Shiller data shows the price "appreciation" (we haven't seen that in awhile) on a month to month basis. Let me point out the GOOD news that, according to these data, prices in November dropped 'only' 2.19% compared with 2.97% the previous month. The fastest price drop was in March '08 (4.51%).

Case-Shiller Stats

Case Shiller statistics for November 2008 were released today. The tiered value analysis shows a continued drop in all categories. It is interesting to note that the "high tier", which held value in the early part of the correction is now showing the highest percentage drop from the peak of the market (47%).

Average Mortgage Rates Dip Below 5%

Interest rates for 30-year fixed rate mortgages fell for the 11th straight week to another record low, due in part to the slowing economy and government actions," said Frank Nothaft, Freddie Mac vice president and chief economist. "So far, both the U.S. Treasury Department and the Federal Reserve have added over $100 billion in liquidity to the mortgage market since September 2008, which put downward pressure on interest rates for fixed-rate mortgages. The Federal Reserve may add up to an additional $570 billion more this year, based on its November 25, 2008 announcement, to further shore up mortgage lending and keep rates low.
In December, the unemployment rate rose to 7.2 percent, the highest since January 1993, and the economy lost 2.6 million jobs over 2008, the largest annual drop since 1945. That brought down yields on Treasury securities and mortgage rates followed

Analysis of Property Value
According to the latest findings released by Case-Shiller; property values in South Florida (single family homes are depicted here) are falling at an accelerating rate. Clearly this is the impact of sales of distressed properties (foreclosures & short sales) which have dominated the sales activity in the market. While this pattern may be unsettling for most homeowners, it should indicate that the elusive 'bottom-of-the-market' is coming sooner rather than later.

Fed Purchase of Mortgage Backed Securities Pushes Rates Down 10th Consecutive Week
Interest rates for 30-year fixed-rate mortgages fell for the tenth week to a fourth consecutive record low due in part to the Federal Reserve's recent purchases of mortgage-backed securities issued by Freddie Mac, Fannie Mae and Ginnie Mae," said Frank Nothaft, Freddie Mac vice president and chief economist. On November 25, 2008, the Federal Reserve announced that it planned to purchase up to $500 billion of these securities by the end of June of this year. For the sake of comparison, there were roughly $4.7 trillion of such securities backed by home mortgages available as of September 30, 2008

Interest Rates Still Dancing the Limbo

Interest rates for 30-year fixed-rate mortgages fell for the ninth straight week and represented a third consecutive all time record low since Freddie Mac's survey began in April 1971," said Frank Nothaft, Freddie Mac vice president and chief economist. "Since the end of October of this year, these rates have declined by about 1-1/3 percentage points, or payment savings of approximately $173 a month for a $200,000 loan. As a result, the number of refinance applications for conventional mortgages jumped over 500 percent between the weeks ending on October 31st and December 26th.
Lower rates and falling house prices are also making homeownership more affordable to potential homebuyers. For instance, house prices fell 18 percent over the 12-month period ending in October, according to the S&P/Case-Shiller® 20-city composite index. Every city posted a second consecutive month of decline in October. From its peak set in July 2006, the composite index is down 23.4 percent.

Average Mortgage Rates Lowest in at least 37 Years!

Rates on 30-year-fixed mortgages dropped this week to their lowest levels in at least 37 years, as the Federal Reserve pledged to pour money into the mortgage market in an effort to spur the moribund U.S. housing market. Freddie Mac, the mortgage company, reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.19 percent, down from the year’s previous low of 5.47 percent, set last week.

The rate is the lowest since Freddie Mac’s weekly mortgage rate survey began in April 1971.Mortgage rates started falling after the Federal Reserve launched a sweeping new effort in late November to aid the U.S. housing market by purchasing up to $600 billion of mortgage-related securities and other debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks. A daily survey found that the national average rate fell even lower Wednesday. Rates on 30-year, fixed mortgages was 5.06 percent, according to financial publisher HSH Associates, the lowest since the 1960s and down from 5.3 percent Tuesday.

It was the best news in months for anyone looking to lock in a 30-year, fixed-rate mortgage. But it was not expected to be a cure-all, and borrowers already in danger of foreclosure probably won’t be able to take advantage because only borrowers with stellar credit can qualify.

Average Weekly Mortgage Rates Lowest in Four Years

Rates on 30-year-fixed mortgages dropped this week to their lowest levels in more than four years, effects of a startling November unemployment report and a government plan to buoy the housing market.

Freddie Mac reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.47 percent, down from 5.53 last week. The rate is slightly below this year’s previous low of 5.48 percent during the week of Jan. 24, and the lowest since March 25, 2004, when it averaged 5.40 percent.

Mortgage rates started falling after the Federal Reserve launched a sweeping new effort in late November to aid the U.S. housing market by purchasing up to $600 billion of mortgage-related securities and other debt issued by Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

Rates: Historic One Week Drop

Rates on 30-year mortgages plunged this week to the lowest level since January after the government launched a sweeping new effort to aid the U.S. housing market.

Mortgage finance giant Freddie Mac reported Thursday that average rates on 30-year fixed-rate mortgages dropped to 5.53 percent in the largest one-week drop in 27 years. That was down from 5.97 percent last week, and the lowest since the week of Jan. 24, when it was at 5.48 percent.

Further drops could be on the way if the government launches an industry-backed plan to lower the rate on a 30-year mortgage to 4.5 percent by spending hundreds of billions to buy mortgage-backed securities issued by Fannie Mae and Freddie Mac.

That would follow an effort announced last week by the Federal Reserve, which is planning to purchase up to $600 billion of mortgage-backed securities and other debt issued by Fannie and Freddie and the Federal Home Loan Banks. Those institutions don’t make loans directly to consumers, but provide money to the mortgage market by packaging loans into investments.

The Fed’s move caused rates to immediately drop by about a half-point, and many in the real estate industry hope rates will keep dropping as the government increases efforts to battle the credit crisis.

Rates Dip Again this Week

Mortgage rates dropped for a second straight week, reflecting the impact the weakening economy is having on financial markets. Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.14 percent this week, down from 6.20 percent last week.

It marked a sharp decline since rates hit a high of 6.46 percent two weeks ago. Analysts attributed the back-to-back decreases to financial markets growing more confident that the Federal Reserve will cut rates again at its final meeting of the year in December in an effort to combat a severe slowdown many economists fear could deepen into a prolonged recession.

“Long-term mortgage rates fell slightly this week as signs the overall economy is weakening brought interest rates down market-wide,” said Frank Nothaft, chief economist for Freddie Mac.

Thirty-year mortgage rates hit a high for the year of 6.63 percent in late July and then dropped below to a seven-month low of 5.78 percent for the week ending Sept. 18.

October Statistics

Sales of single family homes rose just over 8% in October compared with September and while the chart trends upward as sales increase from early in the year, sales so far this year are about equal with last. This is actually surprising since it seems a much more active year for sales but perhaps that’s a factor of fewer Realtors in the marketplace.
Prices provide a more consistent downward trend of 16.8% year-to-date and a 36% decrease from peak prices in 2006 (according to the Case-Shiller Value Analysis).

Mortgage Rates Down this Week

Mortgage rates dropped this week, providing a dose of welcome news to prospective homebuyers.Freddie Mac, the mortgage giant, reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.20 percent for the week ending Nov. 6. That was down sharply from 6.46 percent last week.

The retreat in mortgages rates comes as the economy is getting weaker.“Mortgage rates fell this week amid new indications of a pullback in consumer spending and a weaker jobs market,” said Frank Nothaft, Freddie Mac’s chief economist.

Those factors are reducing investors’ concerns about inflation, which is helping to pull down mortgage rates. Thirty-year mortgage rates hit a high for the year of 6.63 percent in late July, and then dropped to a seven-month low of 5.78 percent for the week ending Sept. 18.

Sharp Rise in Rates this Week

Rates on 30-year mortgages spiked this week as the tumult in financial markets continued to be felt in housing finance.

Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 6.04 percent last week. The sharp increase pushed 30-year rates to the highest level since the week of Oct. 16.

Economic Uncertainty Effects Rates this Week

Rates on 30-year U.S. mortgages dropped sharply this week, falling to the lowest level in five weeks.Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.04 percent this week, down from 6.46 percent last week. The sharp decline pushed 30-year rates down to the lowest level since they stood at 5.78 percent the week of Sept. 18.

Analysts attributed the decrease to an easing of inflation concerns, which now have been replaced with rising worries that the country could be headed for a prolonged recession. Interest rates generally fall in periods of economic weakness.

Morgage Rates Highest in 8 Weeks

Rates on 30-year mortgages jumped to the highest level in eight weeks, squeezing some potential homebuyers out of the market, and reflecting how nervous lenders remain despite the massive global intervention in the credit markets. Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 5.94 percent last week.

It marked the third increase out of the past four weeks and pushed rates to the highest level since Aug. 21.In plain dollars and cents, last week’s increase means a homebuyer would spend about $55 more a month to buy the U.S. median-priced home of $203,100 with a 20 percent downpayment.

September Statistics

After a few months of trending upward, sales of single family houses dipped 11.04% in September compared with August but remained well ahead of last year's level (up, 30.59%). This sales activity again was driven by a steady downward march of price. Prices were down 8.28% for the month and 15.55% down year-to-date.

The single family home inventory bucks the sales trend by steadily declining. This could be explained by reports of 'Seller Fatigue' where property owners are electing to remain out of the current weak market.

Average Interest Rates Lower

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.94 percent this week, down from 6.10 percent last week. It marked the first decline since rates fell on Sept. 18 to 5.78 percent, a seven-month low.

Financial markets have been turbulent in recent weeks as investors have flocked to the safety of Treasury securities, sending those yields down sharply while rates on other types of corporate bonds have been pushed higher by growing concerns about whether the bonds will be repaid. Those crosscurrents have been reflected in mortgage rates, which also have been on a rollercoaster, hitting a high for the year of 6.63 percent in late July and then dropping below 6 percent in mid-September.

“Longer-term mortgage rates fell for the first time in three weeks, roughly following bond market yields,” said Frank Nothaft, chief economist for Freddie Mac.

Mortgage Rates....

Rates on 30-year mortgages have risen for a second straight week, climbing to the highest level in a month.Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.10 percent this week, up slightly from 6.09 percent last week.

It was the highest level since 30-year mortgages averaged 6.35 percent for the week ending Sept. 4. Financial markets have been turbulent in recent weeks as demand for safe-haven Treasury securities has pushed those yields down sharply while rates on other types of corporate bonds have been pushed higher by growing concerns about whether the bonds will be repaid. Those crosscurrents have been reflected in mortgage rates, which also have been on a rollercoaster, hitting a high for the year of 6.63 percent in late July and then dropping below 6 percent in mid-September.

The recent turmoil in credit markets has pushed those rates up from a seven-month low of 5.78 percent on Sept. 18, to above 6 percent for the past two weeks.