What’s the latest on mortgage rates?
The national average for a 30-year, fixed-rate mortgage fell 0.05% to 7.33%* on Tuesday. This level marked a two-month low for the national average on a 30-year, fixed-rate mortgage. Most of the big bond traders have already taken off for the Thanksgiving holiday, and trading was light.
Market watchers expressed opinions that the psychological impact of hitting a two-month low is important for overall market sentiment.
The next big ticket data points won’t show up until early December. We’re likely to continue to chop around the current range until then unless major news shakes up the market.
How common are price cuts in the DFW housing market?
According to recent data reported by The Dallas Morning News, 27% of home listings in the Dallas-Fort Worth metro area saw a price cut in October 2023. That’s elevated compared to the national rate of 18.9%.
Real estate agent Scott Shueler of Keller Williams Realty said, “Price reductions are because the demand is lower due to interest rates. Sellers still pricing at the top of the price comps are starting to come to reality that the market has already peaked.”
While price cuts in the late fall and early winter are part of a yearly trend, price cuts that outpace the national rate may bode well for buyers in the Spring market. It remains to be seen if these will stick or if this is only a short term trend.
U.S. Housing Starts Rise for 2nd straight month
Housing start data for October 2023 was recently released, and the data showed a rise of 1.9% in new unit starts. This marks the second consecutive month that new home starts have shown an increase.
Housing starts rose from 1.37 million to 1.35 million in October 2023. This outpaced expectations by about 20,000. Construction of single-family homes was up by 0.2% month-over-month, while apartment construction was up 4.9%.
* National average rates accurate as of 11/21/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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