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An increase in out-of-market home shopping
Out-of-market home shopping has increased! As home listing prices reach historic highs and available home inventory reaches historic lows in much of the country, prospective American homebuyers–many of whom have more flexibility to work remotely than they did before the pandemic–are growing more and more likely to search farther from where they currently live. The markets where this new attention has been focused tend to be less expensive and in warmer climates. MORE HERE
Will Mortgage Rates Go Down in 2023? Mortgage Rates in the News
MORTGAGE RATES IN THE NEWS "After several weeks of dropping mortgage rates, however, aspiring buyers may gain some confidence to move forward. “This downward trend of mortgage rates gives a scrap of hope for many home buyers for the months ahead,” says Nadia Evangelou, NAR’s senior economist and director of forecasting. “With a 6% rate instead of 7%, buyers pay about $2,700 less every year on their mortgage. As a result, owning a home becomes affordable to about 1.4 million more renters and 4.3 million more homeowners. This could bring more buyers back to the market, boosting demand for housing and increasing market competition.” Click on the balloon above to read the full article from Realtor Magazine Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 12: 30-year fixed-rate mortgages: averaged 6.33%, dropping from last week’s 6.48% average. A year ago, 30-year rates averaged 3.45%. 15-year fixed-rate mortgages: averaged 5.52% , a
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