Which direction did mortgage rates start the week?
The national average for a 30-year, fixed-rate mortgage closed trading at 6.91%, down 0.01%* from Friday’s close. Trading was mostly sideways as there wasn’t significant news or capital to push the market one way or the other.
Mortgage rates continue to stay off their highs for the month. It’s also a positive sign that we’ve been able to stay under 7% for most of the month. We’ll have to continue to monitor to see if we move closer to 6% or stay close to 7%.
What are the 10 best metro areas for home sellers?
Realtor.com updated its guidance on the best cities for home sellers in the current housing market. Which area made it to the top of the list? The Rochester, NY metro area was rated as the best market for home sellers. The median home price in May 2023 of $265,000 is well below the national median price of $441,500, but homes in Rochester only had a median days on market of 13. Also, only 1 in 17 Rochester, NY area listings had a price reduction.
The Northeast was well-represented and claimed the top five spots on the list. Rounding out the top five, in order, were Hartford, CT, Portland, ME, Worcester, MA, and Allentown, PA.
Modular housing community in Colorado welcomes its first residents
With donated land, low-interest mortgages, philanthropic grants, and a non-profit developer, a new community of modular homes has been created in Telluride, CO. 24 homes for local workers have allowed several families to achieve the goal of home ownership. The ambitious project could serve as a model for other communities that lack sufficient housing for folks who may not be able to afford a home in the areas they work in. There have been construction delays and a few headaches along the way, but most residents appear to be happy with their new homes.
* National average rates accurate as of 6/26/23 from mortgagenewsdaily.com and are not advertised rates from Guaranteed Rate
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