Mortgage rates at lowest levels in a month
The national average rate for a 30-year, fixed-rate mortgage fell 0.05% to 7.15%* on Thursday. The national average rate for a 30-year, fixed-rate mortgage is at its lowest level in almost a month.
New jobless claim data came in a little hotter than expected which was seen as an indication that next week’s inflation data may come in a little cooler than expected.
While it’s great for homebuyers to see rates tick lower, all eyes are on next week’s inflation report to give true direction to the markets.
Experts start to adjust mortgage forecasts
The recent fluctuations in mortgage rates and updated guidance from the Federal Reserve has caused several market watchers and experts to adjust their predictions for the rest of the year. Yahoo! Finance has compiled their responses
in a recent survey.
Earlier in the year, Fannie Mae was projecting mortgage rates to end the year around 5.9%. Now? They’ve updated their prediction to 6.4%. Douglas Duncan, Fannie Mae’s chief economist, stated, “Our … forecast includes the Fed cutting interest rates 25 basis points two times in the fall.”
The National Association of Realtors updated their forecast from 6.3% by the end of the year to 6.5%. Lawrence Yun, NAR’s chief economist, said, “The Federal Reserve has delayed rate cuts. I would have thought that by now, rates would be lower and rate cuts would have begun. Whatever rate cut the Federal Reserve does not do this year will simply get pushed back to 2025. They’re calling for a September rate cut, but we’ll see.”
Where are the most expensive zip codes in the U.S.?
A recent article from Realtor.com detailed the 10 costliest zip codes in the country to buy a home. All 10 are either in New York or California. The Golden State was home to seven of the most expensive zip codes for real estate, and the Empire State had three.
Coming in at the top cost was 92657. Not familiar with it? It’s Newport Coast, CA, and it has a median list price of $11,678,350 for homes. The only zip code with an eight-figure median home price was 94027. That’s Atherton, CA and it has a $10,288,188 median list price.
Sagaponack, NY came in fourth on the list and was the first non-California zip code on the list. The median list price there? Only $9,443,646.
* National average rates accurate as of 5/9/24 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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