Did mortgage rates move after the holiday?
The national average 30-year, fixed-rate mortgage rate was down 0.01% to 6.67%* yesterday. Tuesday was the quietest trading days of the year and saw very little movement and volume in the bond market. In turn, mortgage rates also barely moved. There was no reaction to home price data and the market chopped for most of the day.
There’s a non-zero chance that we’ll spend most of this week in this range unless a major event causes movement.
Which Bay Area housing market could see prices drop?
According to a recent article with data from a major real estate firm showed that the San Jose market is predicted to see a sharper drop in 2024 than most other major metro areas in the U.S.
The prediction states that San Jose will see close to a 6.1% drop year-over-year by the end of 2024. The key driver of the dip isn’t a sell off, but a lack of inventory and mortgage rates that are still a bit too high for homebuyers to want to take a mortgage on a million dollar home.
Nicole Bachaud, a senior economist, stated, “There are no indications rates will fall significantly, and a 6.5% rate is still a very expensive mortgage on million-dollar homes.”
Kansas wins 2023 Guaranteed Rate Bowl
Last night’s Guaranteed Rate Bowl saw its share of fireworks with the Kansas Jayhawks outlasted the UNLV Rebels by a score of 49-to-36.
Kansas quarterback Jason Bean threw for 449 yards and six touchdowns to dot the exclamation point on his college career. Kansas wide receiver Luke Grimm hauled in four passes, three for touchdowns, and racked up 160 yards. UNLV quarterback Jayden Maiava threw for 291 yards on 24-for-35 passing with three touchdowns.
Guaranteed Rate sponsored the event, and it was clear that the new Rate App was also one of the stars of the evening. The new app is designed to not only help users secure a mortgage, but also care for their mental and physical health with courses and videos from health and fitness professionals.
* National average rates accurate as of 12/26/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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