Rates continue to slide lower
The national average mortgage rate for a 30-year, fixed-rate mortgage ended Tuesday down 0.06% to 7.19%*. Tuesday marked the fifth consecutive trading day that the national average has ended lower than where it started.
The market is lacking new data points and has continued to drift depending on other economic factors. The bond market saw a bit of strength early but drifted into the afternoon. The day was once again described as ‘uneventful’ by market watchers.
If ‘uneventful’ means rates cool off, homebuyers will likely take a dozen more days like today. The next major data point is next week’s inflation report. There’s a good chance the market will keep wandering until then unless there’s a major, unforeseen event or announcement.
Where is the best state in the U.S. to live?
According to a recent article from Realtor.com, the best state to live in isn’t on either the West Coast or the East Coast. It’s not in the Midwest. It’s not in the Southeast. The best state in the nation is Utah.
The data reviewed was compiled by U.S. News and World Report, and it ranked U.S. states according to education, health care, economic factors, infrastructure, crime, natural environment, and financial stability. Utah scored second for education, third for its economy, and sixth for its fiscal stability.
Utah governor Spencer Cox said, “Utah has a vibrant, diverse economy and unsurpassed natural beauty, but what truly sets our state apart is our people. We lead the nation in volunteering and charitable giving every year and this spirit of community leads to a collaborative approach to problem solving, an ecosystem that supports innovation, and a culture that strengthens families and individuals.”
Utah offers a low unemployment rate, a growing tech sector, and has a housing market that isn’t as expensive as a few of the large housing markets in the U.S.
Joel Carson, a real estate broker at Utah Real Estate in Salt Lake City, said, “It’s just a fantastic place to live and work. It’s really attracting a lot of people.”
Is Florida becoming more affordable?
Do you want to move to the sunshine state, but think that the market is overheated? There are five metro areas that have seen an increase in available homes, and an increase in home affordability.
According to data compiled by Yahoo! Finance, 48% of the available home listings in the North Port Sarasota metro area have seen a price cut. That’s the highest rate in the entire nation. The western Florida city recently saw a 51% increase in available listings, and sellers are struggling to find buyers at the current prices.
Tampa, Cape Coral, Orlando, and Jacksonville rounded out the list. All the listed metros have seen an increase in home inventory, and an increase in price cuts on available homes.
If Florida is a destination for you, it may be time to look into some of the metro areas mentioned.
* National average rates accurate as of 5/7/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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