Where are mortgage rates at after the holidays?
The national average for a 30-year, fixed-rate mortgage rate ended Wednesday’s trading session at 6.70%, down 0.02%* from Tuesday’s close.
Rates ticked upwards at the open, and then ground down throughout the day to end slightly lower. Rates continue to hug yearly lows since heading downwards over the fall.
Job openings data came in softer than expected, and the bond market reacted negatively off the open. The next major data point is Friday’s jobs report, and that will likely dictate the direction of the mortgage market.
What do experts predict for the Bay area in 2024?
The housing market in the San Francisco metro area is many things, but it’s never boring. In a recent article from the SFGate, a few local real estate experts were interviewed, and offered their thoughts on what 2024 might hold for the Bay Area.
When asked about what could be in store for 2024, California Association of Realtors President Jennifer Banchini said, “A more favorable market environment with lower borrowing costs, coupled with an increase in available homes for sale, will motivate buyers and sellers to reenter the market next year.”
The SFGate asked Naomi Lempert Lopez, a real estate agent with Coldwell Banker Realty in San Francisco, about financing trends. Lopez stated, “We are definitely seeing seller financing and seller [rate] buydowns and that’s going to continue. That’s a favorable trend.”
When asking about a buyer’s market or seller’s market for 2024, Lopez felt that downtown San Francisco will be a buyer’s market, but most of the surrounding areas will favor sellers.
What’s the costliest mistake to make on new homes?
Realtor.com detailed common mistakes that homebuyers make when purchasing new homes. The top mistake that experts have seen? Signing a deal without vetting the builder first came in at number one.
Christina McCollum, a regional manager for Churchill Mortgage based near Washington, stated, “Look for online reviews, speak with previous buyers if possible, and check if there have been any legal disputes or complaints against the builder. A reputable builder with a history of quality work is a safer choice for your investment.”
Other common issues including not checking on the community or local fees, not factoring in construction delays, and skipping a home inspection.
* National average rates accurate as of 1/3/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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