Did mortgage rates finally start to cool off?

Couple reviewing finances | mortgage rate news

Mortgage rates tick downwards for the first time in over a week

The national average for a 30-year, fixed-rate mortgage closed down 0.13% to 7.36%* on Wednesday. This marked the first time in over a week that the national average closed lower than it opened. According to market experts, rates were stretched a bit high after an extended run up, and today’s economic data snapped them back a bit.

From here, additional guidance from the Federal Reserve’s summit in Jackson Hole, WY, and additional economic data should move the bond market, which, in turn, should move the mortgage market.

New home sales rise in data from July 2023

According to data released on Wednesday, new home sales rose by 714,000 units in July, up 4.4% from the prior month. Year-over-year, new home sales are up 31.5%. The median sale price for a new home in July 2023 came in at 436,700, not far from the national average for an existing home.

New home sales data may continue to show growth as a lot of new home starts from the Spring and early summer should start to come onto the market.  

How did Florida’s housing market perform in July?

Florida Realtors® released home sales data for July 2023 on Wednesday. Statewide, single-family homes had a median price of $415,000 and the current market has enough inventory to last 2.8 months. The median condo sale was $319,000, and there are enough condos on the market to provide supply for 3.6 months.

Home prices increased by 0.7% year-over-year, but existing inventory also increased.

Florida Realtors ® President and real estate broker, G. Mike McGraw said, “In recent months, we’ve seen active listings start to increase and inventory levels improving, though we’re still below what would be considered a balanced market. However, more active listings would mean a wider selection of homes and more options for buyers, which could help moderate the pace of rising prices and ease affordability issues.”

* National average rates accurate as of 8/23/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. 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.