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.
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.
