Where are mortgage rates starting the 2nd week of July?

Fort Myers, FL | Mortgage Rate News

Where are mortgage rates starting the week?

The national average for a 30-year, fixed-rate mortgage is still up over 7% after a series of strong economic data pushed them higher last week. However, the national average for a 30-year, fixed-rate mortgage is off its peak and has come down slightly in the past few days. On Monday, a 30-year, fixed-rate mortgage ended trading at 7.12%, down 0.02% from Friday*, and down almost 0.1% since last week.

Inflation data is coming at the end of the week, and it will likely need to show significant cooling to start to push rates back toward 6.0%.

Is 2023 the toughest housing market ever?

Despite higher rates we’ve seen in a while and elevated home prices, 2023 is not even close to the toughest housing market ever. Believe it or not, but the roughest housing market on record is actually 1981.

While the average single-family home only cost $66,125 back then, mortgage rates topped 18% in the fall of 1981. That meant that 99.5% of the buyers first year of mortgage payments was going toward interest. The buyer wouldn’t have paid off 10% of the principal until the 18th year of loan.

While homes are more expensive in 2023, we haven’t seen anything close to the mortgage market of the early 1980s.

Has Florida’s housing market recovered from Hurricane Ian?

Only nine months ago Hurricane Ian came through Southwest Florida as a Category-5 storm with 155-MPH winds.  The Cape Coral-Fort Myers area was particularly impacted, but you wouldn’t know it by looking at the current housing market.

Since the hurricane hit, several investment groups, developers, and individuals have brought cash and new projects to area, and the area is starting to thrive again. Cape Coral is the seventh most popular migration destination for homebuyers.

Redfin senior economist Sheharyar Bokhari said, “The storm’s effect on prices was likely muted because at first, new listings fell, which pressured prices to rise due to a shortage of homes for sale, but new listings then more than recovered, which pressured prices to fall because there was more supply than usual. In the end, the two effects canceled each other out.”

* National average rates accurate as of 7/10/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.

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