02/03/2024
Mortgage rates have stabilized in the 6% range for six weeks, as reported by Freddie Mac, encouraging more potential buyers to enter the real estate market despite ongoing inventory challenges. This stability has led to a notable increase in mortgage applications, nearly 8% higher than the previous week, indicating a resurgence of buyer interest early in the season.
Furthermore, sales of newly built homes have seen an uptick, with optimistic future sales expectations among homebuilders. Despite the difficulties faced in 2023, the housing market shows signs of optimism for 2024, driven by lower mortgage rates enticing both buyers and sellers back into the market.
Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 25:
👉30-year fixed-rate mortgages:
Averaged 6.69%, increasing from last week’s 6.6% average. A year ago, 30-year rates averaged 6.13%.
👉15-year fixed-rate mortgages:
Averaged 5.96%, increasing from last week’s 5.76% average. Last year, at this time, 15-year rates averaged 5.17%.
🍀The way to get started is to quit talking and begin doing. DM me today for a smooth home-buying or selling journey.
--
https://lecetraarrington.exitcentralhr.com/