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In a positive turn for home buyers and the real estate market, mortgage rates have posted their largest drop in three weeks. Recent economic indicators suggest this trend may continue, offering potential relief for those looking to buy a home.
Key Points:
- Current Rates: The 30-year fixed-rate mortgage averaged 6.89% as of July 11, according to Freddie Mac, down 6 basis points from the previous week. The 15-year mortgage rate also fell, averaging 6.17%, down from 6.25% last week.
- Comparative Rates: A year ago, the 30-year fixed rate was at 6.96%, and the 15-year mortgage was at 6.3%.
Freddie Mac’s data, based on thousands of mortgage applications across the country, aligns with separate reports. Mortgage News Daily reported the 30-year fixed-rate mortgage averaging 6.85% as of yesterday afternoon, while the Mortgage Bankers Association noted a rate of 7% as of July 5.
Economic Context:
The U.S. economy is showing signs of a slowdown, which is having a positive impact on mortgage rates. Indicators of a weaker labor market and slowing inflation are leading economists to predict further rate drops.
According to Sam Khater, chief economist at Freddie Mac, "Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit. We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers."
Lisa Sturtevant, chief economist at Bright MLS, anticipates that "Mortgage rates will fall when the Fed cuts interest rates, likely in September. However, it's also possible we’ll see rates decline even before an actual Fed rate cut, if the central bank clearly signals their intentions."
Future Projections:
The Mortgage Bankers Association predicts the 30-year fixed rate will decrease to around 6.6% by the end of the year. Bob Broeksmit, president and CEO of the Mortgage Bankers Association, stated, “Given the recent data showing cooling inflation and slower job growth, we expect the 30-year fixed rate will decrease slowly to around 6.6 percent by the end of the year.”
While lower rates are promising for potential home buyers, it remains to be seen whether this will significantly improve housing affordability. Lower interest rates could attract more buyers, increasing competition in the market.
As the real estate market continues to evolve, staying informed on mortgage rate trends and economic indicators will be crucial for making savvy decisions. If you have any questions or need personalized advice regarding the current market conditions, feel free to reach out. Your success in real estate is our top priority.
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2101 E 2nd St #205
Long Beach 90803
2 Bed | 2 Bath | 1064 SF | $679,900
Enjoy the ocean breeze in this beautiful 2 bedroom 2 bath condo located just 2 blocks to the beach and across from Bixby Park. Walking distance to the beach, Retro Row, Broadway Ave, dog park, Farmer’s Market, and all the great local restaurants, cafes, nightlife, pubs, bakeries, and more.
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1168 E 10th St #224B
Long Beach 90813
2 Bed | 2 Bath | 698 SF | $399,900
Great opportunity to own this nicely updated 2 bedroom, 2 bath, top floor corner condo with views of Signal Hill. Just a short drive to downtown Long Beach and to the beach!
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525 E Seaside Way #1508
Long Beach 90802
2 Bed | 2 Bath | 1030 SF | $790,000
Enjoy breathtaking ocean views from the living room, bedrooms and the patio in this modern luxury 2 bed, 2 bath highrise condo. Short distance to the beach, harbor, Shoreline Village, Terrace Theater, restaurants, nightlife, and so much more!
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3022 Bostonian Dr.
Rossmoor 90720
4 Bed | 3 Bath | 2,612 SF | $1,700,000
Welcome Home - Updated Kempton model home featuring 4 bed, 3 baths in Rossmoor. Located within a short distance to parks and shopping. Just a short drive to the Seal Beach pier. Great schools in the award winning Los Alamitos school district.
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6544 Cerritos Ave.
Long Beach 90805
2 Bed | 1 Bath | 1,198 SF | $670,000
Welcome to 6544 Cerritos Ave, a charming slice of Spanish-inspired architecture nestled in the heart of North Long Beach. This classic 2-bedroom, 1-bathroom home boasts timeless elegance coupled with modern upgrades, offering comfort and style.
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700 E Ocean Blvd #607
Long Beach 90802
1 Bed | 1.5 Bath | 880 SF | $625,000
Amazing ocean views in this beautifully remodeled open floor plan condo at the iconic International Tower! This beautifully updated modern high-rise condo features hardwood flooring, fresh interior paint, scraped ceilings, and is light and bright with expansive ocean views.
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1985 San Francisco Ave.
Long Beach 90806
3 Bed | 2 Bath | 1,509 SF | $1,020,000
This historic gem awaits you in the charming Wrigley neighborhood of Long Beach! This gorgeous Spanish home, built in 1928, is full of charming curb appeal with its gated courtyard, porte cochere, red-tiled roof and front steps leading to the turret entry!
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16136 Cornuta Ave. #117
Bellflower 90706
3 Bed | 2.5 Bath | 1336 SF | $590,000
Beautifully remodeled townhome with newly updated kitchen, baths, flooring, lighting, etc. Private 2 car attached garage.
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14715 Bellflower Blvd.
Bellflower 90706
2 Bed | 1 Bath | 805 SF | $655,000
Welcome to your ideal starter home located in the heart of Bellflower! With its proximity to local amenities and welcoming neighborhood, this home is a must-see on your home-buying journey.
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8230 Santa InezBuena Park 90602
4 Bed | 2 Bath | 1,194 SF | $625,000
Beautifully remodeled end unit townhouse in Buena Park! 4 bedrooms, 2 baths with open floor plan, modern kitchen, and private backyard.
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3825 Linden Ave.
Long Beach 90807
3 Bed | 2 Bath | 2,142 SF | $1,350,000
Charming 1933 Spanish Stucco with many original features. This single story home is situated on one of the prettiest streets, and just a short distance to both Atlantic Avenue and Long Beach Blvd.
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2512 W Beachy Pl
Anaheim 92804
3 Bed | 2 Bath | 1,695 SF | $875,000
Embrace the charm of this lovingly maintained single-story home, cherished by the same family for over 50 years. Nestled on an expansive 10,948 sq ft lot, this property beckons with endless possibilities – from adding an ADU, a pool, more living space, or just simply reveling in the serene, park-like ambiance.
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2174 Stanbridge Ave
Long Beach 90815
3 Bed | 2 Bath | 1,489 SF | $905,000
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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807 Delaware St
Huntington Beach 92648
4 Bed | 5 Bath | 3,237 SF | $2,605,000
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.
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