Mortgage rates rise despite Fed cut

Mortgage rates went up this week, despite the Federal Reserve's decision to reduce short-term interest rates.

The benchmark 30-year fixed-rate mortgage rose 17 basis points to 6.17 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week's survey had an average total of 0.36 discount and origination points. One year ago, the mortgage index was 6.13 percent; four weeks ago, it was 6.32 percent.

The benchmark 15-year fixed-rate mortgage rose 21 basis points to 5.89 percent. The benchmark 5/1 adjustable-rate mortgage rose 19 basis points to 6.29 percent.

On Tuesday, the Fed cut the federal funds rate, as expected. The reduction was by a quarter of a percentage point, to 4.25 percent. And thousands of people called their mortgage brokers to seek a good deal.

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source: bankrate.com

Lake Las Vegas

Toll Brothers is building luxury town homes at
Lake Las Vegas. Vita Bella features floor plans ranging from 1566 to 2000 square feet. Expansive Master Suites and attached garages make these town homes an ideal vacation or second home. Vita Bella is located in the Lake Las Vegas Golf Course Community in Henderson. These town homes are surrounded by lake, golf and desert mountain views. The development is situated adjacent to the Jack Nicklaus Reflection Bay Golf Course. For more information about Lake Las Vegas or luxury town homes, contact Las Vegas Properties at 1-888-876-8383

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source: lasvegasrealestatenewsblog.com

Private Mortgage Insurance

For taxpayers who have not yet filed their 2007 tax returns, consider the possible tax deduction of your private mortgage insurance. Due to the tax law passed by Congress late last year, a home buyer might be able to save several hundred dollars in taxes with this deduction. The deduction applies only to mortgages that will close in 2007. The borrower’s adjusted gross income must be $100,000 or less, whith deductions phasing out. As of this moment, Congress has not yet passes the law to affect 2008 and beyond. If a home buyer takes the standard deduction, instead of itemizing deductions, the new tax law will not make a difference.

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source: lasvegasrealestatenewsblog.com

Summerlin Custom Homes

Summerlin, the most popular Master Planned Community in the nation, is adding new custom homes and homesites to its new developments. The Ridges in Summerlin is the newest luxury village, located in the far west corridor of Summerlin, and surrounds Jack Nicklaus’ Bear’s Best Golf Course. Azure, the 7th custom home neighborhood, just released its first custom homesites. Homesites range from one-quarter to more than one acre, priced from the high $400,000’s to more than $1 million. Club Ridges, the private sports and recreation facility, is scheduled to open later this year. It is exclusively for residents of The Ridges of Summerlin. Two non-custom neighborhoods, Fairway Hills by Toll Brothers, and Builder Ridge by Christopher Homes, have been announced for The Ridges. These luxury homes rante from 2,000 to 6,000 square feet. Luxury single story condominiums will be built adjacent to The Ridges, which will be priced from the mid $300,000’s.

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source: lasvegasrealestatenewsblog.com

Las Vegas Downtown

Downtown Las Vegas is experiencing re-growth and renovation, with the development of “Districts” that will completely change downtown
Las Vegas. The vision of involved developers includes the 61 acre Union Park’s The World Market Center, Lou Ruvo Alzheimer’s Institute and Performing Arts Center. The Entertainment District includes Fitzgeralds, Golden Nugget, Lady Luck and The Plaza casinos. The Downtown Connector MAX Line is the Las Vegas Monorail’s expansion from Las Vegas Strip to Downtown Las Vegas. The Office District will include the IRS building, Molasky Corporate Center, Juhl High Rise, Club Renaissance & Stanhi Condominiums. The Arts District will feature a showcase of culture and galleries with new dining establishments. The Smith Performing Arts Center will bring theatre and dance to Downtown. Downtown Las Vegas is being reborn and will continue to attract both visitors and residents.

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source: lasvegasrealestatenewsblog.com