Mortgage rates tick lower for the 3rd straight day
The national average for a 30-year, fixed-rate mortgage edged lower for the third consecutive day on Tuesday. Ending the day’s session down 0.01% to 7.90%*, the national average for a 30-year, fixed rate mortgage started the session lower, chopped upwards toward close, but still managed to end the day lower. This is the first time in two months that mortgage rates have ended lower for three consecutive days.
It’s still unclear if this is a brief respite from 8% mortgage rates or if this represents the start of a trend towards 7% mortgage rates. New reports and data for the next three days should help the market decide. Wednesday has new home sales data, Thursday gets jobs data, and Friday ends the week with inflation data.
What’s predicted for the Utah & Idaho housing markets?
A recent report from the Deseret News detailed the latest predictions for the Idaho and Utah housing markets in 2024. Experts predict that several of the largest metro areas in Utah and Idaho could continue to see home prices increase.
In Utah, the Logan metro area is predicted to see the biggest increase. Homes in the Logan, UT area are predicted to see a 7.7% increase in value by July 2024.
The story is similar for Idaho with Pocatello as the predicted top performer. Home prices in and around the Pocatello, ID metro area are predicted to grow by 9.0% by July 2024.
After a pandemic-fueled housing boom, home prices in Idaho and Utah have cooled in the last year or so, but that’s not expected to be the case in 2024. A rebound could be on its way if the expert predictions are accurate.
Iowa school-turned-mansion hits the market
Does 22,000 sq. ft. of living space sound like enough to stretch out in? Priced at $1.75 million and located in Nevada, IA, a former school refurbished into a mansion is available.
The building was used as a school from 1923 to 1991 but was sold to a family and redeveloped into a massive living space. The home boasts four bedrooms, six bathrooms, a hot tub, two fireplaces, multiple porches, a five car garage, various studios, and a ballroom.
* National average rates accurate as of 10/24/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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