By Real Estate Advisor

The Standard & Poor’s/Case-Shiller U.S. National Home Price Index posted a record annual decline of 3.2% in the home price growth rate. The data from the revised results for the 2nd quarter of 2007, published in June, reveal a declining growth rate in the prices of single family homes in most of the top 20 metro areas indices. The S & P/Case-Shiller Home Price Index tracks the value of typical single-family homes in the U.S. for the 20 U.S. metropolitan areas listed below.

This year’s 2nd quarter results are the lowest of price declines in the 20-year history of the National Home Price Index. According to Robert J. Shiller, Chief Economist at MacroMarkets LLC, the June revised data of June shows the declining annual growth rate in 17 of the 20 metro areas, adding two more metros from what was reported in May.

Out of the 17 metro areas that registered a year-over-year home price decline, Detroit had the maximum growth rate decline of 11%. Of the metros that have registered price gains, Seattle stood at the top spot with 7.9% price growth, followed by Charlotte with 6.8% and Portland with 4.5% price growth since last year.

Boston had improved its annual rate of price decline slightly in June to -3.9% from -4.3% reported in May. This is significant given the fact that Boston was the first metro area to go overboard, being the first to report a negative year-over-year growth rate.

The following are the revised results of June 2007 showing the percent of change in home values over the last year for the top 20 metropolitan areas.

1.

Atlanta: 1.6 percent

2.

Boston: -3.7 percent

3.

Charlotte: 6.8 percent

4.

Chicago: -0.7 percent

5.

Cleveland: -3.6 percent

6.

Dallas: 1.6 percent

7.

Denver: -1.0 percent

8.

Detroit: -11.0 percent

9.

Las Vegas: -5.1 percent

10.

Los Angeles: -4.1 percent

11.

Miami: -4.8 percent

12.

Minneapolis: -3.8 percent

13.

New York: -3.4 percent

14.

Phoenix: -6.6 percent

15.

Portland: 4.5 percent

16.

San Diego: -7.3 percent

17.

San Francisco: -4.0 percent

18.

Seattle: 7.9 percent

19.

Tampa: -7.7 percent

20.

Washington, D.C.: -7.0 percent

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Rancho Bernardo Real EstateCarmel Valley Real EstateRancho Bernardo Homes

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By Raul Crasmin

The rate of interest at which you get your home refinanced is called refinance mortgage rate. There are several factors like your credit score/record, your preferred lender and the overall loan market trends that decide your refinance interest rate. At times refinancing your home can be a necessity due to many reasons like you may find yourself in an insurmountable debt or you may want to buy another or bigger home, or you would like to get a lower interest rate than the current one and so on.

Any of these reasons might tempt you for refinancing your home. However one concern that remains is that you would like to have the best possible mortgage refinance rate. Identical to any other loan, the interest rate will rely on your credit record, your monthly income, your debts and other obligations. Based on these factors, if you meet the criteria for a low refinance interest rate, then it is fine however if you do not meet the criteria for it now, wait and develop your credit score at first.

You can certainly develop your credit score by paying off any missed monthly payment, late or overdue credit card dues, unpaid loan, or if you have a low debt to income ratio problem by increasing your income level by doing some part time job and at the same time reducing your debts. Given that all these factors contribute towards a low credit rating till that time refinancing may not be a beneficial deal for you. Yet, it is not unfeasible to get your home refinanced, you just need to look around for a mortgage lender who can give you a lowest refinance mortgage rate possible. Besides your excellent credit record, there are a few other facts which you must think about earlier than refinancing which are discussed below.

A part mortgage refinance will increase the interest rate therefore prefer complete mortgage refinance. Besides influencing the refinance interest rate is any open line of credit on your home equity. It is wise to consult a mortgage expert or broker earlier than preferring a complete refinance. If you at present have the best mortgage rate, in that case refinancing may not be that beneficial to you, rather you may end up paying more money as a result of all the additional costs involved in refinancing, for instance the processing fee and closing costs. Since cashing out your home equity is not good for your financial condition, you should think about cashing out your home equity only in dire need. Hence, lenders offer a lowest refinance mortgage rate, if your home equity is unharmed when you choose to refinance your mortgage.

You can consider paying points if you take a refinance loan, based on these points, you can get yourself a lower refinance interest rate. Choose this only when you are convinced that you have got the best mortgage refinance rate and compare the cost of points to the potential savings to decide on. Further, carry out wide-ranging research to get the best possible mortgage refinance rate.

About the Author: Raul is an expert in the field. For more information on Mortgage Rates, and Refinance Mortgage Rates Please visit: http://www.ratesupermarket.ca/

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