The national average for mortgage rates are at 4-month lows
With another round of inflation metrics and employment data, the national average for a 30-year, fixed rate mortgage is still at its lowest point in four months. Trading was mostly sideways heading into the weekend as the national average for a 30-year, fixed-rate mortgage ended up 0.02%, and ended the session at 6.09%.
The national average is unlikely to make any major moves until after the Federal Reserve meeting on January 29th and 30th. Any positive news on inflation or housing could help the market move a little lower, but it would take a major event to move the needle before The Fed provides additional guidance.
This could be a great time for home shoppers that have been on the sidelines to lock in a mortgage rate. Guaranteed Rate offers a mortgage rate lock of up to 90 days, so you can shop into the Spring without worrying about a sudden surge in rates.
Are we in a buyer’s market or a seller’s market?
In a recent interview with CNN, Rocket CEO Jay Farner believes that the days of sellers holding all the power are over, and the housing market has moved closer to 50/50 for buyers and sellers.
Farner stated, “I’d say it’s an even market. A few years ago, it was clearly a seller’s market. We were doing verified approvals and people were getting a full underwrite within 24 hours to ensure they could present almost like a cash buyer to make an offer on that home. Now they have a bit more time. They have more homes they can look at. We’re not seeing 15 offers on one home.”
Do you want to get into a new home quickly? Learn more about the Fast Track program from Guaranteed Rate!
Do home renovations really add more value to homes?
If they’re done right, renovations can add a ton of value to a selling price. For example, the team at HGTV’s ‘Married to Real Estate’ completed a renovation that added $100,000 to the value to house. Updates to the fireplace, super-luxe pantries, and hidden closets with Murphy walls helped take a home initially worth $579,000 to almost $800,000 and gained the owners an extra $100,000 in home equity.
Do you have a project that you want to start? Look into getting a home equity line of credit, and get started!
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- Tax Returns
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