posted on Tuesday, December 30th, 2008 at 10:58 am
You've probably heard it on the news... 30-year loan rates have dropped to their lowest levels in 37 years!
What caused this? It's a result of the Federal Reserve pouring money into the mortgage market to spare the U.S. housing market, buying up $600 billion of mortgage securities and related debt. Additionally, the Fed, aiming to jump start the economy, cut its key interest rate from 1% to .25%. This resulted in 30-year fixed mortgage rates falling to 5.19 percent the weekend before Christmas, and have continued to fall for the second week in a row, reaching rates below 5 percent.
So what does this mean for you? It may be an incredible time to buy, as fixed mortgage rates combine with declining home prices. Lenders' phones are ringing off the hook with on-the-fence buyers looking to inquire about financing, and those with stellar credit wanting to refinance. Different lenders have varying criteria for who qualifies for these rates, so it's important to shop around.
Keep an eye out for more related articles as housing industry lobbyists continue to put pressure on Washington to further support the industry and entice potential home buyers.
I've included a chart taken from the Washington Post which shows trends in the common indexes used to set rates on adjustable mortgages.adj-rate-mortgage-chart.pdf
Share This
Read more..
posted on Tuesday, December 23rd, 2008 at 3:43 pm
The real property tax rate for Fairfax county is $0.92 per $100 of assessed value (remember, to calculate your taxes, you would take the assessed value, divide by $100, and multiply by the tax rate).
Fairfax, like many other counties, has additional tax districts, and the indicated levy is simply added to the base rate ($0.92 per $100 of assessed value). These districts are listed below:
Countywide - Pest Infestation Control - $0.001 per $100 of assessed value
Reston Community Center - $0.047 per $100 of assessed value
McLean Community Center - $0.026 per $100 of assessed value
Burgundy Village Community Center - $0.02 per $100 of assessed value
Lake Barcroft Watershed Improvement District - $0.103 per $100 of assessed value
The county meets every January to re-evaluate the tax rates, and it's worth noting that taxes don't always go up! Below I've listed a brief history of Fairfax real property tax rates for the past few years:
2004 - $1.13
2005 - $1.00
2006 - $0.89
2007 - $0.89
2008 - $0.92
Share This
Read more..
posted on Wednesday, December 17th, 2008 at 1:22 pm
As a follow up to a previous article referencing tax rates across counties in the DC metropolitan area, I wanted to elaborate on property taxes in Arlington County.
As previously stated, the tax rate for Arlington County is .838 (base rate) and totals .848 (including sanitation). Remember that these numbers represent the rate per $100 of [...]
Read more..
posted on Monday, December 15th, 2008 at 12:28 pm
The tax rate, according to the finance department of Montgomery County and Washington DC, is a straight-line assessment. The tax rate varies in Maryland tax-class by tax-class within each County, however the rate within each tax class is a straight line. The tax rate schedule for Montgomery County,MD by tax class is attached. 08-property-tax-rates_021.pdf
Share This
Read more..
