Which way will mortgage rates head in the final months of 2023?
In a recent interview with CBS News, multiple mortgage experts gave their take on where they think rates will head as we inch towards 2024.
Peter Idziak, a senior associate at Polunsky Beitel Green, said, “If the Fed stops raising [interest rates] because the data shows the economy weakening and inflation coming down further, then I would expect mortgage rates to decrease during the second half of 2023.”
However, Adam Sharif, founder and chief strategist at nxtCRE, was a bit more pessimistic and stated, “If rates go down, it will be next year and not by much. Today’s interest rates are considered normal by historical measures.”
Fannie Mae has also given its guidance on mortgage rates, and have predicted a 6.6% mortgage rate for a 30-year, fixed-rate mortgage.
Which prediction is right? Only time will tell.
Where do swimming pools matter most?
While swimming pools are often seen as a welcome bonus or a must-have for some homebuyers, there are some markets where a pool can impact prices more than others.
When asked about what drives swimming pool demand, national real estate appraiser Jonathan Miller, the president and CEO of Miller Samuel, stated, “If you’re in some community—say in the outer suburbs of Minneapolis—and then you compare that to the suburbs of Miami, in one of those two places a pool is standard equipment. If 99% of homes have a pool, then having a pool is just inherent in the value; but if you’re the one who doesn’t have the pool, then it’s a penalty.”
According to recent data, the Fort Myers, FL metro area saw the biggest ‘swimming pool premium’ with homes with pools getting 20.4% more than homes without. Next on the list was Baton Rouge at 13.9%, and coming in third was Jackson, MS at 11.7%.
Which housing market in California is currently the hottest?
While the Bay Area has cooled off and Los Angeles has been up and down, one area in Southern California has continued to stay hot for home purchases.
According to recent data, of the top 25 hottest zip codes for real estate in California, 10 were in San Diego County. In fact, the 92103 zip code, just north of downtown San Diego, had the highest increase in home value in all of California for the past six months with a 5.7% mark.
“San Diego has been a popular destination for people from both within and outside the state to move to recently,” said Jeff Tucker, senior economist at Zillow. “The city’s desirable climate, beaches, vibrant culture and diverse job opportunities make it an attractive choice for relocation.”
Pre-Approval
in 10 minutes?
in under 10 minutes. Grab a few important documents to get started.
- Tax Returns
- Copies of W-2s (or 1099s for independent contractors,
freelancers and the self-employed) - A payroll stub
- A bank statement
- Loan obligation info (student loans,
auto loans and credit cards)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.