02/28/2025
Interest rates are a little lower! This update is from a local mortgage lender.
Weekend Update
Hey, here's an update to get your weekend started!
Facts and Insights*
As of this report (February 26, 2025), the national average for conventional 30-year fixed-rate mortgages moved lower this week, edging closer to the mid-6% range with approximately 0.65 points. The 10-year Treasury yield also saw a notable decline, reflecting improved market conditions. This shift provides a potential opportunity for borrowers to explore financing options in a more favorable rate environment.
Economic Update**
This week’s economic data provided a steady outlook on growth and employment trends. The second reading of Q4 GDP confirmed a 2.3% annual growth rate, signaling stable economic momentum. Meanwhile, loan delinquencies remain near historic lows, reinforcing the continued strength of the housing market. However, jobless claims ticked higher, with initial claims reaching their highest level since December and continuing claims remaining elevated. While layoffs are still relatively low, the data suggests that job seekers are facing a slower hiring environment. For borrowers and agents, these trends indicate a stable housing market but an evolving labor landscape that could influence future rate movements.
Housing News**
Despite a seasonal slowdown, January’s housing data showed positive momentum, with existing home sales increasing year-over-year for the fourth straight month and inventory seeing a modest uptick. Home builder confidence dipped due to tariff concerns, but sentiment improved following a temporary pause on trade restrictions. Meanwhile, new home sales declined, but the limited supply of completed homes continues to support home prices, which saw steady annual appreciation. Mortgage rates edged lower, helping purchase applications remain stable and refinance activity stay significantly higher year-over-year. These trends reinforce real estate as a strong investment opportunity in a market still defined by low supply and steady demand.
Things You Need to Know
Make sure you or your buyer get pre-approved before looking at homes this weekend so we can determine if you are looking in the correct price range and have you armed to submit an offer with a pre-approval letter! Have them go to my website below to apply. I look forward to helping you and your clients!
Visit My Website
Sue Ann Guthman
Apply Now
NMLS #200802
Sue Ann Guthman
VP, Sr. Loan Officer
[email protected]
(770) 856-0111
12620 Crabapple Road, Building F, Suite 201, Milton, GA, 30004
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The opinions expressed within this article are the author's and do not necessarily reflect the opinions or views of BankSouth Mortgage or its affiliates.
*Source: Mortgage News Daily. This is not a commitment to lend and does not guarantee the availability of any particular product or interest rate. Rates/terms illustrated may not be available through BankSouth Mortgage.
**Source for Economic Update and Housing News content: MBS Highway
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