03/08/2024
READY TO BUY YOUR 1ST HOME OR SIZE UP? LET PROSPIERTY HOME MORTGAGE AND LONG & FOSTER HELP YOU!
SEE BELOW! Interesting Read on current Housing Market situations and properties:
Weekly Market Update from Prosperity Home Mortgage, LLC:
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PHM Market Commentary
“For the week of Mar 1st – Mar 7th, 30-year and 15-year interest rates decreased slightly.
Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates," said Sam Khater, Freddie Mac's Chief Economist.
How a decrease in 1% in interest rate affects housing affordability:
Regarding housing affordability per J.P. Morgan Wealth Management: The United States hasn't plunged into a recession. Despite more than a year of high interest rates, the economy has shown resilience beyond most economists' predictions.
The Federal Reserve (Fed) still hasn't beaten down inflation completely, and the economy's strength could be more long-term than a phase of the economic cycle.
U.S. home prices are currently at all-time highs, and less affordable (relative to income and mortgage rates) than at the height of the 2006 housing bubble. That's after prices skyrocketed by about 40% during the pandemic.
The takeaway: If you are looking to buy a house in the United States, don't wait for – or expect – a home price crash. J.P. Morgan Wealth Management does not foresee one coming (thankfully), nor do they think one is necessary to restore affordability at the national level. They think time and continued robust income growth can cure the problem on their own.”
My take on this is that even though there are no positive signs that the feds interest rate is going to decrease soon, there are however periods where the rate has fluctuated lower.
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