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The 30-year fixed-rate mortgage (FRM) saw its second week of declines, this week averaging 7.5%, down from 7.76% last week, according to the latest Primary Mortgage Market Survey® (PMMS®) by Freddie Mac.
This week’s numbers:
- 30-year fixed-rate mortgage averaged 7.5% as of November 9, 2023, down from last week when it averaged 7.76%. A year ago at this time, the 30-year FRM averaged 7.08%.
- 15-year fixed-rate mortgage averaged 6.81%, down from last week when it averaged 7.03%. A year ago at this time, the 15-year FRM averaged 6.38%.
What the experts are saying:
“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November,” said Sam Khater, Freddie Mac’s chief economist. “Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”
Realtor.com Economist Jiayi Xu commented:
“The Freddie Mac fixed rate for a 30-year mortgage dropped 0.26 percentage points to 7.5 percent this week, the biggest one-week decrease since last November. This notable drop is influenced by a combination of factors, including slower long-term debt issuance, steady policy rates, and a slower job market. During the latest Federal Open Market Committee (FOMC) meeting, members of the Fed voted to maintain the short-term policy rate within a range of 5.25 to 5.5 percent. Nevertheless, the option for an additional future rate hike is still on the table as more economic indicators are needed to determine whether the current policy is ‘restrictive enough’ to bring inflation back to the 2% target. Meanwhile, the October jobs report, which revealed moderate job growth and reduced wage pressures, may instill confidence among policymakers that the economy will continue to progress in the desired direction without the need for additional rate hikes in the coming months. As the possibility of a rate hike remains on the table, investors are likely to exercise caution in their positioning, and the expectations for rates to stay steady to slightly higher remains.
“With the 30-year fixed mortgage rates persisting at their two-decade highs for seven consecutive weeks, significant challenges have arisen for homebuyers. While the median listing price in October 2023 stood at the same level as last year, elevated mortgage rates have resulted in a significant increase in the cost of financing a typical home for sale. According to Realtor.com’s October 2023 estimates, this increased monthly costs over $166, representing a 7.4% rise compared to the previous year–a new record surpassing what was already the highest amount since Realtor.com began tracking this data in mid-2016. In addition, it has raised the required annual household income for purchasing a median-priced home by $6,600, reaching a total of $120,000.
“As today’s housing market has created various challenges for homebuyers, finding the most suitable loan products is critical to achieve homeownership. For example, veteran households who utilize VA loans could find themselves in a more advantageous position compared to those who are not aware of this loan option, given that VA loans offer zero down payments, flexible credit criteria, and lower mortgage rates, all of which contribute to greater homeownership opportunities.” - 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.
Hope you have a great Veteran's Day!
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2174 Stanbridge Ave
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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
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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
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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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930 E 1st St. #2
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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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251 Elm Ave.
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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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2059 W 160th St.
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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
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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
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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
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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
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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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