Which way did mortgage rates go after the holiday?
Markets took the day off on Monday for President’s Day but were active again yesterday. The national average for a 30-year, fixed-rate mortgage ended Tuesday’s session at 7.11%, down 0.03%* since Friday’s close. The bond market got off to a slow start after ticking lower early in the day.
We aren’t getting a major data point until we get PCE and spending data next week.
Which Illinois housing markets are heating up?
A recent article from the Peoria Journal Star had three Illinois housing markets among the top 25 in the country.
The data, gathered by 24/7 Wall St. had Springfield, IL as the 25th hottest market in the country. Peoria, IL came in at 15th, and Rockford, IL came in at 4th overall.
Metro areas were ranked by how long homes stay on the market and a few other supply and demand metrics. Data from December 2023 was used for the report.
Of the three Illinois markets listed in the top 25, Rockford homes were selling the quickest. The average time on market for sold homes in Rockford were only 40 days. Peoria was at 48 days, and Springfield ended up at 49.
Which groups are making gains in homeownership?
The National Association of Realtors released a report on home purchase trends and found that homeownership among Asian and Hispanic households has increased dramatically over the past 10 years.
Asian homeownership has risen from to 63.3% in 2023. While homeownership among Hispanic households achieved an all-time high of 51.1% in 2023.
NAR’s deputy chief economist, Jessica Lautz, stated, “For homeowners, this is their biggest nest egg. They likely will see wealth gains through their biggest asset. This allows them to perhaps pass homeownership to future generations, to their children. But also, this is their retirement savings. This is the ability to one day live without a mortgage in their home.”
* National average rates accurate as of 2//2204 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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