Are mortgage rates continuing to cool?
They did, but just slightly. The national average for a 30-year, fixed-rate mortgage went down 0.06% to 7.03%* yesterday.
Retail sales data released early in the day spurred a bond rally that lead mortgage rates lower. This is the third straight day that the national average for a 30-year, fixed-rate mortgage has ended the day lower than it started. This recent cooling came after a sudden spike that was brought on by a hotter-than-expected inflation report.
Next week will only have four trading days, and not much data. We may be stuck in a holding pattern until we get another major data point or event to give the market a reason to move.
What’s the current market outlook for North Texas?
A recent article from the NBC News affiliate in Dallas-Fort Worth took a look at what the rest of the year could look like for the North Texas housing market.
The question the NBC News team sought to answer was, ‘Will 2024 be a good year to buy a home?’ According to Dr. Lawrence Yun, the chief economist for the National Association of Realtors®, 2024 may see potential homebuyers get some relief.
Yun stated, “I believe in 2024, we will see more home construction, more supply, and also some delayed potential home sellers coming into the market. Now that the mortgage rates are coming down.”
When it comes to concerns over a housing market crash or major dip, Yun didn’t believe that was likely. He said, “We are in a housing shortage situation. The logic, supply and demand is suggesting that is out of the question.”
What does it cost to live like a ‘Simpson’?
‘Simpsons’ actor Dan Castellaneta has recently listed his home in Santa Barbara, CA. What does it cost to live the way an actor who’s held the same job for over 30 years lives? His two-bedroom, 2.5-bath waterfront property is currently listed at $4.5 million.
The home comes with a gas fireplace, Sonos system, stainless steel appliances, a Viking range and custom cabinets. It also offers a powder room, storage, and radiant-heat flooring. The property is also managed by 24-hour guarded gates and an on-site manager. If you’ve always wanted to live off the water in a pad that was formerly owned by a well-known voice, this might be the condo you’ve been looking for.
* National average rates accurate as of 2/15/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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