Mortgage Market-9/5/24
''Mortgage rates remained flat this week as markets await the release of the highly anticipated August jobs report. Even though rates have come down over the summer, home sales have been lackluster. On the refinance side however, homeowners who bought in recent years are taking advantage of declining mortgage rates in order to lower their monthly payments'' Source:FreddieMac
What are a real estate market predictions for 2024?
Demand is expected to continue to outpace supply. Mortgage rates have descended from their peak, and we can expect to see further decrease but nothing drastic. Lower mortgage rates can give an opportunity for affordability for buyers, but with more buyers entering the market and not sufficient supply, we might keep on seeing multiple offers keeping prices up. Real estate experts widely agree that crash is unlikely, citing significant equity held by many homeowners as one of the reasons. Let's hope that lower rates might also entice hesitant sellers to participate in the market as well as more new constructions emerging, that would help narrow the gap between supply and demand.
Mortgage Rates Continue Their Fall Below Seven Percent
Source:Freddie Mac December 21, 2023 ''The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent. Lower rates are bringing potential homebuyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects. A rise in homebuilder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.''
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