Mortgage rates fall below 6% nationally for the first time in months
The mortgage market crossed a key milestone as the national average for a 30-year, fixed-rate mortgage fell below 6.00% for the first time in several months. Down 0.05% from yesterday’s close, the national average for a 30-year, fixed-rate mortgage ended the day at 5.99%*. That’s just barely under the 6.00% mark, but it counts.
Analysts felt this was clearly a positive reaction after the more dove-ish guidance from Federal Reserve Chairman Jerome Powell and the slowing of interest rate hikes.
It’s great to tick below 6.00%, but the next few days will be absolutely crucial to see if the national average stays below the key threshold.
Where are the emerging housing markets in the US for 2023?
The Wall Street Journal released its Emerging Housing Market Index for Q4 2022 a few days ago, and the results were unique.
The index identifies the top metro areas for homebuyers seeking a housing market that has a good chance of appreciating in value in the near future. Three cities in Indiana topped the list. Lafayette, IN took the top spot on the list and Fort Wayne and Elkhart came in right behind it. Topeka, KN and Johnson City, TN rounded out the top five.
The team at the WSJ highlighted how Lafayette is an emerging tech and manufacturing hub that happens to be adjacent to Indianapolis. The median home price in Tippecanoe County, which includes Lafayette, was only $243,000 in December of 2022. That’s over $100k less than the $366,900 national average.
Which luxury properties are hitting the market?
What do a WestWorld mansion, The Stilt House from Heat, and a Bel Air mansion with 14 bathrooms, nine bedrooms, and $150 million list price have in common? They’re all on the market.
If you’ve got almost $20 million and love WestWorld, the Crescent House can be yours. Completed in 2003, the well-known property appeared in the season three premiere of the HBO show, WestWorld.
Don’t have $20 million? If you’re a fan of the film Heat and have $1.6 million you can purchase the Stilt House. Propped up against a steep hillside with steel supports, the Stilt House was featured in scenes with Danny Trejo and Robert DeNiro.
Lastly, the Bel Air mansion mentioned could break real estate records if it sells for its $150 million asking price. The 20,000+ sq. ft. mansion has separate staff quarters, a one-bedroom guest house with its own pool and gym.
*National average rates accurate as of 2/2/23 from https://www.mortgagenewsdaily.com/ and are not advertised rates from Guaranteed Rate.
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