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The 30-year fixed-rate mortgage averaged 7.44%, down again from last week’s average of 7.5%, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac released yesterday.
This week’s numbers:
- 30-year fixed-rate mortgage averaged 7.44% as of November 16, 2023, down from last week when it averaged 7.5%. A year ago at this time, the 30-year FRM averaged 6.61%.
- 15-year fixed-rate mortgage averaged 6.76%, down from last week when it averaged 6.81%. A year ago at this time, the 15-year FRM averaged 5.98%.
What the experts are saying:
“For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. “The combination of continued economic strength, lower inflation and lower mortgage rates should likely bring more potential homebuyers into the market.”
Realtor.com Economist Jiayi Xu commented: “The Freddie Mac fixed rate for a 30-year mortgage dropped for a third week in a row and declined to 7.44 percent this week, as markets absorbed the latest economic indicators. In October, headline inflation held steady from the previous month, and core inflation, which includes goods and services excluding volatile food and energy, slowed on a monthly basis. Meanwhile, October’s producer price index experienced its largest monthly decline since April 2020, and U.S. retail sales had its first monthly drop in seven months, both encouraging signs of a cooling economy. These data combined with the slowing jobs market data suggest that the Fed’s restrictive monetary policy is passing through to the economy.
“While Chair Powell would not rule out the possibility of another rate hike in December after the November Fed meeting, the Federal Reserve remains committed to being data dependent. Recent incoming data, such as that from this week, is making a rate hike far less likely. Mortgage rates are likely to continue dropping, as they have in recent weeks.
“Despite mortgage rates dropping below 7.5 percent, they remain at nearly multi-decade highs. An unexpected consequence of this heightened rate environment is the surge in down payments, climbing to a new peak in the third quarter of 2023, as reported by Realtor.com. This finding may appear counterintuitive given the deceleration in home price growth over the past year, but elevated mortgage rates could be a key factor contributing to this phenomenon. For example, high mortgage rates could drive buyers to consider larger down payments to minimize the size of their mortgage loan at today’s elevated rates. Realtor.com’s October 2023 estimates reveal that although the median listing price remained unchanged from the previous year, elevated mortgage rates have raised the cost of financing a typical listed home with a 20% down payment by over $166 (or 7.4%) when compared to last year. To maintain the same monthly payment as one year ago, a buyer would need to increase the down payment to 25.5%, requiring an upfront payment of more than $23,300,” Xu concluded. Article provided by RIS Media.
If you would like to discuss if now is a good time for you to buy, sell, or invest in a home or investment property, please feel free to contact me.
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2174 Stanbridge Ave
Long Beach 90815
3 Bed | 2 Bath | 1,489 SF | $949,900
Nestled in coveted Los Altos... known for being pet & people friendly with awesome schools, parks, walkability & more! This immaculate & inviting 3 bedroom/2 bath home with its upgraded kitchen, baths, living room as well as spacious family room will go fast!
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436 N Bellflower Blvd #104
Long Beach 90814
1 Bed | 1 Bath | 693 SF | $475,000
Resort living in the heart of Long Beach. Stoneybrook is a highly desirable Gated Community. Walking distance to shopping, restaurants, Cal State Long Beach, the VA Medical Center and the Colorado Lagoon.
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807 Delaware St
Huntington Beach 92648
4 Bed | 5 Bath | 3,237 SF | $2,750,000
Tesoro Builders has created another extraordinary opportunity to own a brand new, custom designed single-family home in the heart of highly coveted downtown Huntington Beach. The epitome luxury living offers an exceptional beach lifestyle. Starting at $2,750,000, based on options and interest.
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251 Elm Ave.
Long Beach 90802
2 Bed+Den | 3.5 Bath | 1,750 SF | $915,000
This exceptional modern townhome at The Huxton built in 2018 boasts 2 bedrooms, a den/great room, and 4 baths spanning 1,750 square feet. The large rooftop deck off the top-floor den/great room provides an exceptional indoor/outdoor living experience.
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930 E 1st St. #2
Long Beach 90802
1 Bed | 1 Bath | 557 SF | $283,000
Charming top floor, one-bedroom, one-bath gem just steps from the beach in the vibrant heart of Alamitos Beach! This exceptional upper-level, corner unit offers an ideal opportunity for home buyers, savvy investors, or those seeking a beachside retreat.
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2059 W 160th St.
Torrance 90504
2 Bed | 1 Bath | 837 SF | $780,000
Discover Your Dream Home in North Torrance! This charming 2-bedroom home is nestled on a serene residential street, offering you a remarkable opportunity to own in this sought-after neighborhood with great schools.
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1669 E 65th St.
Long Beach 90805
2 Bed | 2 Bath | 1,023 SF | $635,000
Charming Spanish style home with large living room with ample windows allowing plenty of natural Light, original hardwood floors, updated kitchen, central heat and AC, and a permitted rumpus Room with ADU potential.
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4200 Via Norte
Cypress 90630
4 Bed | 3 Bath | 2,915 SF | $1,470,000
This luxurious 4-bed/3-bath Cypress home was expertly upgraded from the inside - out! No stone was left unturned in the vigorous pursuit of redesigning and upgrading this nearly 3,000 sqft Greenbrook home.
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781 W 30th St
San Pedro 90731
3 Bed | 2 Bath | 2,067 SF | $1,225,000
Stunning 3-bed, 2-bath home with breathtaking ocean views in Coastal San Pedro. Experience the beauty of the ocean from the front yard, primary bedroom, and the expansive backyard.
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773 W 30th St
San Pedro 90731
3 Bed | 2 Bath | 1,040 SF | $955,000
Enjoy beautiful ocean and harbor views from the front yard, living room, and the expansive backyard. This 3-bed, 2-bath home offers even more possibilities with an additional enclosed patio area currently staged as a family room and game room.
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1007 Catalina Ave #108
Redondo Beach 90277
2 Bed | 2 Bath | 1,181 SF | $1,175,000
Welcome to Your Dream Beach Home! A Stunning 2 story, 2 bedroom, 2 bath condo located half a block to the beach. Beautifully updated throughout with dramatic high ceilings, gorgeous kitchen, and an abundance of natural light and open space.
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211 Saint Joseph
Long Beach 90803
3 Bed | 2 Bath | 1,057 SF | $1,299,000
Welcome to this charming Belmont Shore home located just 4 blocks to the beach! Enjoy the open concept floor plan, granite countertops, hardwood flooring, and a serene primary suite with a spa-like bathroom. Don't miss this opportunity for coastal living at its finest!
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Tim Majka
(562) 900-9430
Tim@ImagineRealty.com
www.ImagineRealty.com
DRE#01399855
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