Where is the best housing market in the U.S.?
A recent article from CNBC detailed the top 10 states in the country for buying and selling a home. Real estate powerhouses like New York and California missed the list, but the Sun Belt was well-represented.
The clear favorite should come as no surprise. By their data, Florida has the best housing market to do business in. Home values are still appreciating in some areas, homebuilders are still looking to add inventory, and property taxes are among the most affordable in the country. The state is still working its way out of a few issues that relate to home insurance, and hurricane season is always a threat, but the current market seems to be one of the most balances in the nation.
Coming in second place was South Carolina while Arizona rounded out the top three.
The mortgage rate winning streak snaps
The national average rate for a 30-year, fixed-rate mortgage saw its 8-day winning streak come to an end, but only barely. Tuesday’s session saw the national average rate for a 30-year, fixed-rate mortgage tick higher by 0.03% to 6.84%*. Retail sales data pushed the bond market to sell early, and mortgage rates ended the day slightly higher.
It’s important to consider that rates are still hovering around five month lows, and the next major data point won’t come until we get next week’s consumer spending report.
When do traders think we’ll see a rate cut?
According to recent reports, traders are 100% certain the Federal Reserve will cut interest rates by September 2024.
The most current analysis has a quarter-percentage point cut at 93.3% odds, and a half-percentage point at 6.7% odds for September’s announcement. The reason given for the change in sentiment was the consumer price index update for June 2024. The annual inflation rate came in at only 3%. That’s the lowest in three years. Odds that the Fed would cut interest rates in September 2024 was at 70% a month ago.
While interest rates and mortgage rates are completely different, interest rates influence the bond market which does have an impact on mortgage rates. It’s also important to remember that these predictions can swing based on the most recent data. Another hot inflation report, and we could end up with rates staying at current levels for longer.
* National average rates accurate as of 7/16/24 from and are not advertised rates from Guaranteed Rate.
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