Mortgage rates head lower again
The national average for a 30-year, fixed-rate mortgage ticked even lower on Thursday, and ended down 0.18% to 7.51%*. This marks the third straight day lower, and the second straight day of a double-digit decrease. These last two days have been the best two days for mortgage rate decreases since March.
Will Friday make it a winning week for the mortgage market? The big jobs report could help dictate the direction mortgage rates go to end the week.
Demand for ARMS continues to surge
According to a recent report from the Mortgage Bankers Association, the share of mortgage applications for adjustable-rate mortgages (ARMs) is at the highest level in nearly a year. Demand for ARMs jumped to 10.7% of all applications.
Joel Kan, an MBA economist, said, “As higher rates continue to impact affordability and purchasing power, ARM loans increased almost 10 percent last week and continued to gain share, growing to 10.7 percent of all applications.”
Cowboys quarterback puts Bay Area home on the market
Quarterback Trey Lance was traded from San Francisco to Dallas a few months ago, but he just recently put his Bay Area home up for sale. If you want to live like an NFL quarterback, this may be the property for you.
The mansion in Morgan Hill, CA can be had for a cool $2.8 million. It comes with five bedrooms and over 4,000 sq. ft. of space. The property also offers marble fireplaces, stainless steel appliances, a nine-hole putting green, a three-car garage, a solar energy system, and an in-ground pool, among other amenities.
If the lifestyle of a top draft pick is one you want to live, this may be the home for you.
* National average rates accurate as of 11/2/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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