In a promising turn of events for prospective homebuyers, the average long-term U.S. mortgage rate has recently reached its lowest level since May, providing a glimmer of relief amid the challenges posed by soaring home prices and fierce market competition. Freddie Mac reported a drop in the average rate on a 30-year mortgage to 6.6%, down from 6.66% the previous week. This marks the lowest level since...
Market Trends
Introduction: As we bid farewell to 2023 and usher in the new year, it's crucial for both buyers and sellers to stay informed about the current state of the real estate market. In this comprehensive blog post, we delve into the key data points that define the residential real estate landscape for November 2023. Residential Home Sales: In November 2023, a total of 516 residential homes changed hands,...
I wanted to share key insights from the recent CNBC Fed Survey and how that impacts you. The biggest takeaway is an anticipation of interest rate cuts in 2024! What this means for Buyers: Lower Mortgage Rates: Interest rate cuts typically lead to lower mortgage rates, making homeownership more affordable. Prospective buyers may find themselves in a more favorable position to secure a mortgage with...