Mortgage Rates Drop Below 3% Tempting Homebuyers New York Times
Today’s Mortgage Rates – Key Rate Slides Bankrate
Santa Barbara Homes and Estates
Mortgage Rates Drop to Historic Lows!
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Don't wait! Mortgage Rates remain high and it is unlikely rates will drop this year. Real Estate experts are urging home buyers not to wait as home prices are expected to rise. It’s a challenging market for buyers and Fannie Mae is predicting an increase in home prices through 2025. Don’t wait Rising costs aren’t the only obstacle for buyers as low inventory is also impacting the market’s dynamics. If Baby Boomers ever decide to move/downsize some experts believe that will put 9 million homes on the market over the next 10 years. Wait and see? Don't wait. Click Read More below for mortgage rate update and videos.
GMA REAL ESTATE 2023 The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. That’s the highest point since early November. For a homebuyer taking out a $400,000 mortgage, the monthly payment of principal and interest rose to $2,720 from $2,637 in just one week. For sellers, higher mortgage rates have created a so-called golden handcuff effect. The vast majority of homeowners today have mortgages with interest rates below 4% or even below 3%. “Recent data indicated that nearly 82% of home shoppers reported feeling locked-in by their existing low-rate mortgage, while around 1 in 7 homeowners without a selling plan cited their current low rate as their reason for remaining on the sidelines,” said Jiayi Xu, an economist at Realtor.com. Because of that, there is currently a critical shortage of homes for sale, with year-to-date new listings now 20% behind last year’s pace. Click Read More Below for the entire post and GMA video on Mortgage Rates and Decoding the Real Estate market. (7.7.2023) Image from the World Property Journal Click READ MORE below for video
The average rate on the popular 30-year fixed mortgage hit 3.70% on Friday, the lowest since November 2016, according to Mortgage News Daily. That rate will likely dip even lower Monday, as bond yields continue to fall.
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