Mortgage rates continue to retreat
According to a recent article from Fox Business, the national average rate for a 30-year, fixed-rate mortgage has dipped for the fourth consecutive week, and currently stands at 6.86%*. That’s down from 6.87% last week.
The mortgage market has drifted lower this week despite lacking major data points to give the market direction. We’ll get inflation data on Friday, and next week will see a round of jobs data. Both of these data points will likely give the market a direction to move towards
Should homebuyers look to buy into cold markets?
It seems like every homebuyer or potential homebuyer is looking for a deal in the current market. One of the best places to look for a real estate deal could be a cold market. What is a cold market? It’s not a necessarily a market in a metro area that gets a ton of snow. A cold market means a place where the market isn’t quite as active as most and takes longer for a home to sell.
The team at Realtor.com looked into the coldest markets in the country and found 20 markets that homebuyers may want to consider.
Most of the markets in the top twenty coldest markets in the country are actually in the Sun Belt. 17 out of 20 cold markets were located in the Gulf Coast region. The two coldest markets are both in Louisiana. Lake Charles and Houma-Thibodaux were the only two markets in the U.S. with a hotness score under 2.0. Florida had eight markets in the top 20 with Panama City coming in third place overall.
Are active listings continuing to jump?
NBC News crunched the numbers and looked into current home inventory levels. According to their numbers, the active home listings are 35% higher than they were a year ago. Inventory levels are still lower than pre-pandemic levels, but it’s clear that home inventory is trending upwards.
In addition to their review of home listings, they also reviewed home prices. The data reviewed showed that for the four weeks that ended June 23rd, the typical home sold for slightly less than its asking price. The difference was only 0.3%, but it’s still nice to see home prices starting to cool.
* National average rates accurate as of 6/27/24 from Fox Business and are not advertised rates from Guaranteed Rate.
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