FHFA Indices Show Mortgage Interest Rates Decreased in May

From the Federal Housing Finance Agency:

Nationally, interest rates on conventional purchase-money mortgages decreased from April to May, according to several indices of new mortgage contracts.

The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.70 percent for loans closed in late May, down 5 basis points from 3.75 percent in April.

The average interest rate on all mortgage loans was 3.70 percent, down 5 basis points from 3.75 in April.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.89 percent, down 5 basis points from 3.94 in April.

The effective interest rate on all mortgage loans was 3.83 percent in May, down 6 basis points from 3.89 in April. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.

The average loan amount for all loans was $329,500 in May, up $7,100 from $322,400 in April.

Federal Housing Finance Agency will release June index values Wednesday, July 27, 2016.

Did you know?

Did you know that the Home Builders Association of Greenville has a weekly column in the Greenville News Sunday paper? We offer tips to consumers regarding home maintenance, design trends, and the home buying process.

Additionally, each column features a Bridge Awards winner, community service project, or other special feature from the Association's activities. You can see the PDF version of all the past columns on our website.

Office Closed July 4th

Your Home Builders Association of Greenville office will be closed Monday, July 4th in honor of Independence Day. We hope you enjoy a wonderful weekend of family and friends as we celebrate our country's independence!

Building Codes Class Update

There is another building codes class being offered by the City of Greenville and the City of Greer that builders are encouraged to attend.

Buddy Skinner will host a workshop on the new codes on Thursday, July 21, 8 a.m. - 1 p.m. in the 1st floor conference room at City Hall. He will review and highlight the important code changes and offer his enforcement interpretations.

John McLeod Retiring, Party Planned for July 14

John McLeod, Chief Building Official for Greenville County, has announced his retirement effective July 15, 2016.

Greenville County and the Home Builders Association will host a reception in John's honor on Thursday, July 14, 2 p.m. until 4 p.m., at Greenville County Square in Conference Room D. Please plan to attend and see John into his retirement.

Verizon Deals Through National Purchasing Partners

If you are a member of the Home Builders Association of Greenville then you are eligible to create an account with the National Purchasing Partners, which provides great deals and discounts on national companies.

Verizon has some good offers for National Purchasing Partners corporate subscribers through the end of the month. Deals include:

• Receive a $150 instant discount with the purchase and activation of select 4G LTE devices on $24.99 or higher plans.
• Receive a minimum $100 trade-in account credit on a smartphone with the purchase/activation of any new 4GLTE smartphone.
• Receive a $150 bill credit when you activate a 4G LTE smartphone with a new two-year activation or renewal on $34.99 price plan or higher.

There are also deals on devices (when you activate a two-year voice with data plan of $24.99 or higher), including:

• Motorola Droid Maxx 2, Samsung Galaxy S5 (16 GB) and BlackBerry Classic for free.
• Brigadier by Kyocera and the LG G4 for $49.99.
• Motorola Droid Turbo 2 (32 GB) and Samsung Galaxy S 6 (32 GB) for $99.99.
• Novatel internet device for $0.

You can receive a minimum $200 trade-in account credit when you trade in a smartphone and purchase a Samsung Galaxy S7, S7 edge, S6 or Note 5 with a new 2-year activation.

If you would like to discuss your National Purchasing Partners membership, feel free to contact us directly at 800.810.3909 or customerservice@mynpp.com.

Greenville's Net Zero Home Ribbon Cutting

GBS Building Supply and Carolina Green Builders partnered with Genesis Homes to help raise approximately $150,000 in materials and labor for one of the Upstate’s first net-zero homes. Once complete, the home is expected to produce as much electricity as it consumes, resulting in a "net zero" in energy use.The house will serve as an example of how sustainable building practices can help reduce energy consumption and substantially lower the cost of living.

The City of Greenville and GBS Building Supply will be sponsoring an open house event on Sunday, June 26 at 2:00 p.m. Light refreshments and drinks will be served. The public is encouraged to attend the ribbon cutting and tour the home afterwards to see its innovative energy-saving features. The home is located at 117 Mt. Eustis Street in Greenville.

The Greenville Area Interfaith Hospitality Network (GAIHN) has appointed a deserving family to move into the Net Zero House. The home's solar panels will help the family save tremendously on their monthly energy costs as they continue to get back on their feet.

Clemson University School of Architecture provided the initial design of the home, with Group 1.6
Architects providing detailed site plans and elevation drawings. Chris Baddorf of Carolina Green Builders has graciously volunteered to serve as the home’s contractor.

For more information about the event or to make a tax-deductible donation to the project, visit www.NetZeroGreenville.com.