Where are mortgage rates this week?
A 30-year, fixed rate mortgage started the third week of the New Year slightly higher from last week. The national average was up 0.08% and ended the day at 6.17%, up slightly from where last week ended. The holiday-shortened week may be up slightly, but the national average for a 30-year, fixed rate mortgage is still near its lows for the past four weeks.
What are real estate professionals seeing in the real world?
Mortgage rates are off their peak, home prices have started to cool off in certain markets, but what are real estate agents seeing on the ground? The team at Yahoo! Finance sat down with several industry professionals to understand what they were seeing.
Kathy Casey, a Coldwell Banker residential brokerage expert in Denver stated, “We’re seeing more inventory, but fewer new listings, and buyer demand has fallen off. We’re getting a lot more seller concessions.”
Dan O’Brien of Trueblood Real Estate added, “Days on the market are up, but the median sales price is still up 9% or so year over year. But buyer demand has certainly slowed down with those rising rates.”
Sir Ashley Harrison of Fathom Realty in Charlotte, said, “If you have been on the margins and could not get your offer accepted in the past two years, now is the time to move. Although interest rates are a little higher, you’re not competing with as many people.”
While inventory may not have a ton of options, it certainly sounds like these experts are seeing a less competitive market than in previous years.
If you’re been on the sidelines and you’re ready to get back int the market, you can lock in your mortgage rate for up to 90 days with Guaranteed Rate!
How could 3D printing impact the housing market?
While the homebuilding industry has seen challenging times in recent history. Could 3D printing help homebuilders build faster, cheaper, and better? House Digest dug into the future for 3D printing in housing. Currently, 3D printing is focused mostly on wall construction and relies on traditional materials for roofing and foundation.
A six-year old startup company, Icon, is looking to streamline the process with walls that can be custom-built for specific regions. They’re also looking to avoid the need to add insulation or vapor barriers to wall construction. Icon can complete wall construction in 24 hours or less. Saving time on wall construction enables traditional builders are able to focus on other aspects of home building.
3D printing looks like the future of homebuilding. It can help builders save time, reduce costs, and potentially result in higher quality construction. It’s an area of the industry to keep an eye on in the future.
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