What’s on the financial calendar for this week?
The national average for a 30-year, fixed rate mortgage declined 0.03% to 6.85%* on Thursday. This was the third consecutive day to see the national average mortgage rate tick downward, and a 30-year fixed rate mortgage is still bouncing around near its two-week low. The move down was attributed to continued positive news on the debt ceiling and dovish talk coming from the Federal Reserve.The following events, announcements and reports may have the potential to impact the mortgage rate market this week:
Monday, June 5th
S&P U.S. services PMI – May 2023
Factory Orders – April 2023
ISM services – May 2023
Tuesday, June 6th
No events scheduled
Wednesday, June 7th
U.S. trade deficit – April 2023
Consumer credit – April 2023
Thursday, June 8th
Initial jobless claims – June 3, 2023
Wholesale inventories – April 2023
Friday, June 9th
No events scheduled
Real estate expert makes bold home price prediction
Self-proclaimed ‘NYC Real Estate Queen’, Barbara Corcoran, appeared on Good Morning America last week and offered a few bold predictions for the residential real estate market.
Corcoran said, “It’s a good time to buy because the minute interest rates go down, everybody’s waiting for them to go down even by a point, and when they do, they’re going to come rushing back in the market. Prices are going to explode, and you’re going to be paying more for the same house. And you can always refinance, remember, when and if interest rates come down.”
During her appearance, Corcoran was also asked for advice on winning a bidding war. She answered, “You have to be prequalified for your mortgage so you can go in there as an all-cash deal. I’m an all cash-deal, it’s not contingent, I already got my mortgage—you want that power behind you.”
Is it a good idea to buy a house that has sold multiple times in a few years?
The team at Realtor.com found a question on a Reddit forum that asked, “The home we were interested in has sold six times in the past 10 years. Is this a major red flag?”
According to the experts that the team at Realtor.com spoke to, it’s not necessarily a red flag, but you will want to doublecheck all the documents on the property and look into the paper trail created by each sale.
Real estate agent Denis Smykalov said, “Have your agent investigate the reason the property keeps changing hands by reviewing public records and other documents to determine any outstanding issues, but you need to do your due diligence, too. Have a home inspector review the property, hire a real estate attorney to review the documents, and talk to your agent about the local market and property values to see if there’s an issue there.”
While Florida-based real estate agent, Desiree Avila, stated, “In addition to going through house disclosure documents, which are required to include material defects like a leaky roof, you can call the agents that represented sellers previously to find out what they know. They are legally required to disclose known material defects.”
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