Mortgage rates continue to inch towards 6%
The national average for a 30-year, fixed rate mortgage has continued to slowly creep its way towards 6%. A 30-year fixed rate mortgage averaged 6.78%* this week according to recent metrics from CNN Business. That’s down from 6.96% the week before.
Freddie Mac’s chief economist, Sam Khater, said, “As inflation slows, mortgage rates decreased this week. Still, the ongoing shortage of previously owned homes for sale has been a detriment to homebuyers looking to take advantage of declining rates. On the other hand, homebuilders have an edge in today’s market, and incoming data shows that homebuilder sentiment continues to rise.”
Mortgage rates are likely to stay at or near this level until the Federal Reserve gives additional guidance on interest rates next week.
How is the Austin, TX housing market innovating?
Austin, TX has grown into the 10th largest city in the country, and a lot of the rapid growth has occurred in the past few years. Like most growing cities, meeting housing demands of an increasing population has been a challenge. However, Austin has leaned into its tech roots to solve a few problems related to housing.
In March 2022, ICON, a 3D printing, robotics, and software company, demonstrated the possibilities of additive construction in housing, and broke ground on a multi-home development in East Austin with 3D printed homes.
Additionally, another innovator, Christ Krager, has developed ‘smart infill projects’ to build small, affordable homes on locations that aren’t attractive to typical developers.
Another start-up, Veev, is opening a housing manufacturing facility in Austin later this year to create prefab home solutions to the local market.
256-unit housing development coming to Pierce County, WA
An affordable housing development for low income families broke ground this week in Pierce County, WA. Named, Copper Way, the new development will provide 256 units to the area. The development is the first in Pierce County from Seattle-based Evergreen Impact Housing Fund and Spokane-based development company, Inland Group. The apartments are expected to open in late 2024 or early 2025.
All units will target people or families earning 60% of the median income in the area or less. 81% of units will have two or more bedrooms to accommodate families.
This development is one of many projects around the country that has kicked off to start to alleviate housing inventory challenges that we’ve seen nationwide.
*Accurate as of 7/20/23. National average rates are not advertised rates from CNN.com.
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