Mortgage Rates Drop Below 3% Tempting Homebuyers New York Times
Today’s Mortgage Rates – Key Rate Slides Bankrate
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Mortgage Rates Drop to Historic Lows!
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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 Santa Barbara Real Estate Scene The Santa Barbara Real Estate market continued to reflect trends that have been with us all year: relatively few homes for sale, higher mortgage interest rates, and a gradual cooling from the very hot market we experienced during the height of the pandemic. Median prices and numbers of sales often flatten or decline in late summer into January compared to spring and early summer months. The market seems to have moved into this pattern. At the same time, continued interest rate increases and other factors are putting pressure on prices, offset to a large degree by a low supply of available homes for sale (inventory). For more information including Videos and Statistics click Read More below.
Rain Maker The Financial Times / Meredith Whitney reported that Freddie Mac wants to enter the secondary home equity loan market in a win-win for the government, Wall Street, and consumers with Mortgage Reform that could unleash the next big U.S. stimulus. The U.S. housing market is harboring the potential for unprecedented economic stimulus that wouldn't require any federal spending, according to Meredith Whitney, the one-time Oracle of Wall Street” who predicted the Great Financial Crisis. Meredith noted that mortgage finance giant Freddie Mac asked its regulator last month to enter the secondary mortgage market, or home equity loans, which allow homeowners to borrow against the equity in their houses. Such borrowing can be used for vacations, weddings, new cars, investments, medical bills, or starting a business. In other words, it's more money that could power the economy. Letting Freddie Mac initiate this mortgage reform for home equity loans could start putting $1 trillion into consumers' wallets as soon as this summer and $2 trillion by the autumn, Whitney estimated. If fellow mortgage giants Fannie Mae and Ginnie Mac follow along, the potential stimulus could top $3 trillion. Click Read More below for the whole post and more information about interest rates.
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