Is it Time to Refinance?

The Federal Reserve recently announced that they would buy mortgage-backed securities in an effort to reduce borrowing rates and stimulate the economy. As a consequence, home mortgage rates are at historic lows. Just how low? We spoke to Jim Van Slyck of Thoroughbred Mortgage LLC in Rye Brook this week and he confirmed that it may be a good time to refinance your home mortgage or consider a new purchase.

This week, regular loan amounts (called conforming loans in industry jargon) for loans up to $417,000 are available at a refinance rate of 3.50% . For loan amounts up to $625,500 the rate is 3.625% and for jumbo loan amounts over $625,500 the rate is 3.75%. According to Van Slyck, a popular refinance options is the 15-year fixed which is 2.75% today. Rates for purchase transactions are even lower. The conforming rate up to $417,000 is 3.25% - and the jumbo rate is 3.50% for the 30 year fixed rate. He expects these rates to stay low for some time.

Have questions? Email Jim Van Slyck to learn more about refinancing your home or making a new purchase.

Here are this week’s sales:

19 Innes Road: (Pictured above) Inviting five-bedroom Colonial ideally situated on a serene half acre with just a short walk to shops and school. Expansive dream kitchen with center island, family room and breakfast room offers wide open social spaces, and is certainly the heart of this home. Enjoy beautiful views of yard and pool (12 years old) from most rooms on the first floor. Separate entrance for mudroom, garage and guest bedroom/bath offers convenience and privacy for all. Spacious, thoughtfully renovated and expanded.

Real Estate Taxes: $34,785
Sale Price: $1,625,000

16 Greenacres Avenue: Enchanting Greenacres Colonial in the style of a Swiss Chalet. Features include high ceilings, original tin kitchen ceiling, stunning Tiger oak floors and arts and crafts woodwork, 3 fireplaces, big closets, inviting outdoor areas including a romantic veranda and large patio. Nice flow with European flair. Great location close to Hartsdale's train and amenities plus Greenacres school.

Real Estate Taxes: $25,888
Sale Price: $1,035,000

31 Black Birch Lane: Pella windows, storm doors, molding and more! Gracious center hall opens into beautiful sunny living room with high beamed ceilings, dining room, Both kitchen and playroom access the brand new bi-level pressure treated pine deck. There are three more bedrooms on main floor, including an en suite master bath. Great expansion potential. Buses to all schools, steps to Corell Park.

Real Estate Taxes: $17,409
Sale Price: $835,000

128 Clayton Road, Edgemont: Picture perfect center hall Colonial completely renovated and expanded in 2001. Light, sun splashed rooms, fabulous gourmet center island kitchen with Viking oven, subzero refrigerator, adjoining family room. Level, landscaped grounds with gardens within short walking distance to Greenville ES, commuter bus to station. Ideal for entertaining with living room, dining room, family room and mahogany deck. Complete serenity and tranquility on quiet dead end street. Enjoy CAC, multi-zone heat, hardwood floors, crown moldings.

Real Estate Taxes: $23,067
Sale Price: $775,000

62 Sprague Road: Gracious 4 bedroom Colonial located on a quiet tree lined street. Immaculately maintained and sun-filled this is a home rich in architectural detail featuring hardwood floors with inlays, original wall sconces, decorative moldings and a detailed fireplace. Large archways create an open and bright feel throughout. This inviting home is freshly painted and has a combination of new and freshly re-finished floors on 2nd level. Plenty of storage in the walk up attic.

Real Estate Taxes: $13,382
Sale Price: $630,000

Featured Listing: 49 Wildwood Road

Fabulous new construction set on a quiet cul-de-sac in Quaker Ridge, featuring 6,082 square feet with 5 bedrooms, 5 ½ baths and a wonderful floor plan and oversized patio. Exquisite craftsmanship and top-of-the-line finishes by a prestigious Scarsdale builder. Learn more here:
List price $2,495,000

Featured Listing: 65 Standish Drive:
Nestled in desirable Wilmot Woods, this lovely four bedroom Cape Cod features an entry foyer that opens to an oversized living room with fireplace, formal dining room opening to patio plus sparkling dine-in-kitchen with original classic vintage Chambers stove. This charming residence is awaiting your special touch. Learn more here :
List Price: $529,000

Featured Listing: 91 Woodruff Avenue
Enjoy the convenience of this renovated, one level, three bedroom home nestled amongst mature trees in a park-like setting and a private garden. Beautiful kitchen with breakfast area and heated floor plus access to a spacious deck overlooking the fenced yard. Sparkling hardwood floors throughout. Learn more here:
List Price: $499,000