Mortgage rates tick downward after Juneteenth weekend
The national average for a 30-year, fixed rate mortgage ended trading down 0.08% to 6.87% on Tuesday.* While mortgage-backed securities didn’t move much on Tuesday, mortgage rates may have been higher than the market forces dictated before the three-day weekend.
Where do homes only take 11 days to sell?
A recent report from Realtor.com on the fastest moving housing markets in the country came out on Tuesday. One metro area only sees homes stay on the market for 11 days on average. That popular market? Manchester, New Hampshire.
The Hottest Markets List ranks housing markets by the number of viewings per listing and how quickly homes move through the sales process. In May, Manchester listings generated three times as many views as the national average and sold more than a month faster than what it typically takes to get through the process.
The Northeast was well represented in the top-10 fastest selling metro areas, claiming eight of the top 10 spots on the May 2023 list. Concord, NH and Hartford, CT came in second and third place, respectively.
How did home construction starts perform in May?
New single-family homebuilding projects surged in May by the most in more than three decades and permits for future construction was also up according to recent data.
The survey also saw the National Association of Homebuilders / Wells Fargo Housing market index rise above the midpoint mark of 50 for the first time in almost a year. The survey measures homebuilder sentiment and can be an indicator of how the home construction industry is planning for the immediate future.
New home starts saw a 291,000-unit month-over-month increase. That’s the largest surge since January 1990, and the 21.7% rise was the biggest percentage gain since October 2016.
Areas of the country that saw the most starts were the South, Midwest, and Western regions. All three parts of the U.S. saw double-digit percentage gains month-over-month.
* National average rates accurate as of 6/20/23 from mortgagenewsdaily.com and are not advertised rates from Guaranteed Rate
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