Did mortgage rates continue to slide yesterday?

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Did mortgage rates continue to move downward yesterday?

The national average for a 30-year, fixed rate mortgage ended Tuesday’s session at 7.12%, down 0.17%* from Monday.

The catalyst behind the sudden move towards 7.00%? A bit of negative economic news. The Job Openings and Labor Turnover Survey (JOLTS report) released on Tuesday showed that job openings were down in July from previous months and at their lowest point since early 2021. Mortgage rates tend to move lower when data perceived as negative is released, so this is a case of bad news being good news for homebuyers.

How did the Shiller-Case National Home Price Index look?

The JOLTS report wasn’t the only data released on Tuesday. The Shiller-Case National Home Price Index for June 2023 was released. Nationally, home prices rose 0.7% compared to May 2023. The Index remains 0.2% off it’s all time high.

The biggest gainers of the 20 cities included in the survey? Chicago, Cleveland, and New York reported the highest year-over-year gains in June. Chicago was at 4.2%. Cleveland was up 4.1%, and 3.4%, respectively.

The markets with the largest year-over-year drops were San Francisco with home prices down 9.7% and Seattle at 8.8%.

Is one of the hottest real estate markets in Highland, IN?

According to the 2020 census, the population of Highland, IN was only 23,984. That doesn’t matter to homebuyers because Highland is home to one of the hottest zip codes in the country for real estate. The average listing in Highland gets 2.9 times as many online views as the national average, lasts a median 19 days on the market, and has a $289,000 median listing price as of June.

A recent press release from Realtor.com stated, “Our list of top 10 zip codes shows the concentration of buyer demand in affordable Midwest markets and well-located Northeast markets that offer convenience and value. Homes in the hottest zip codes tend to be larger than the U.S. average. Despite their size advantage, a majority of the hottest zips see prices at or below the U.S. median.”

* National average rates accurate as of 8/29/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.

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