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Mortgage Rates Starting to Climb – August 2012

by Randy Gridley

Mortgage Rates Starting to Climb - August 2012 - Boise Idaho Real Estate 

After unprecedented months of lower-than-low mortgage interest rates, Freddie Mac reports a climb in the interest rates this week.  Up 0.6 from last week, the fixed rate 30-year mortgage interest rate topped out this week at 3.59 percent.  However, last year at this time, the 30 year fixed rate was still hovering at 4.32 percent indicating the still overall low interest rates available to homeowners and homebuyers right now.

Freddie Mac attributes the raise in the interest rate to “stronger than expected employment records.”  What does this mean to the homebuyers and homeowners? It means that if you are hoping to refinance or purchase a house, you may want to consider locking in your rates before they go up again, something that is anticipated as unemployment rates continue to drop.

Fifteen-year fixed rates also climbed slightly to 2.84 percent, up 0.6 percent from last week. The 5-year ARM interest rate also climbed 0.6 percent to 2.77 percent.  Both of these are still well below their rates at this time last year; however, Freddie Mac is anticipating a continued climb in interest rates as a whole. Read Freddie Mac’s report for more details on this week’s interest rate changes.

Here are a few listings in Boise, Idaho from $125,000 to $145,000 provided by IDX/IMLS.

Top 3 Things for Prospective House - Boise Idaho Real Estate

by Randy Gridley

Top 3 Things to Look for in a Prospective House

When looking for a house to buy, it is important to keep focused and make sure that the house you are looking at is truly a good house to purchase. You will want to make sure that you are considering what is important and not bogged down on things you can change or things that are not imperative to your family.

Selecting a house to purchase can be exciting! As you are being shown various homes in your price range, you may get excited and forget to consider what is truly important.  Be sure, before you start looking for your house, that you have clearly defined must-haves and a small wish list of extras so you can quickly narrow down your hunting.

Top 3 Things to Look For

#1 – Location – You will want to make sure that the location is best for you and your family. This means that considering the distance from the house to your place of employment as well as any other businesses or places that you frequently and regularly visit. In addition, if you have children, you will want to make sure the location is conducive for your family and that the house is located in a good school system. Even if you do not have children, being located in a good school district is a good move in order to resell at a later date..

#2 – Kitchen – The kitchen is one of the biggest sellers in any home on the market. As a buyer, you are likely looking for the kitchen that will suit your family.  When looking at a prospective home, it is best to have an idea of what type of kitchen you are looking for.  Do you want an eat-in kitchen, or do you prefer a formal dining room? Do you entertain a lot and want an open concept? Do you need the appliances to be included or are you bringing your own? Do you spend your time grilling out and want a kitchen that opens onto a patio or deck? These are things to keep in mind when choosing a house. You will want to ensure you love the kitchen as it is the room that most families spend the most time in.

#3 – Condition – An important consideration when looking at a house is its current condition. Unless you are looking for a fixer-upper to work on, you will want to find a house that will be in move-in condition. You do not want to run into the need to do many repairs as you are trying to move into your new house. Be sure to ask questions about the condition of the house including the condition and age of the roof, air conditioner and furnace. In addition, be sure to have a home inspection to help identify any issues with plumbing, the roof, insulation, flooring, or anything else you might not see.

Here are a few listings in Boise Idaho from $140K to $155K provided by IDX/IMLS to view that are current no matter when you click to view


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Randy & Doyelene Gridley
Silvercreek Realty Group
1099 S Wells St. Suite 200
Meridian ID 83642
Randy's Direct Office: 208-859-7060

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