Instant Reaction: Mortgage Rates, June 6, 2024
Facts: The 30-year fixed mortgage rate from Freddie Mac eased slightly to 6.99% over the last week from 7.03%. At 6.99%, with 20% down, a mortgage payment on the median-priced existing home of $400,000 is $2,127. In the most expensive MSA of San Jose-Sunnyvale-Santa Clara, CA (median price of $1,840,000), the monthly mortgage payment is $9,783 (jumbo loan not factored in). In the most affordable MSA of Decatur, IL (median price $122,800), the monthly mortgage payment is $653.
Positive: Real estate is local. A home buyer can improve their credit score, debt-to-income ratio, and lower an interest rate provided by the bank. Mortgage rates are one variable in a larger equation.
Negative: While there is hope that the FOMC's federal funds rate will be lower by the fall of 2024, most believe it will not move next week. But there is even more pressure: The European Central Bank and Bank of Canada have cut rates. When is it the U.S.’s turn?Recent Posts
The Advice First-Time Homebuyers Need To Hear
The Truth About Where Home Prices Are Heading
Selling and Buying at the Same Time? Here’s What You Need To Know
Should You Buy a Vacation Home?
What You Should Know About Getting a Mortgage Today
Think No One’s Buying Homes Right Now? Think Again.
Why Big Investors Aren’t a Challenge for Today’s Homebuyer
Top 5 Reasons To Hire a Real Estate Agent When You Sell
Multi-Generational Homebuying Hit a Record High – Here’s Why
What Every Homeowner Needs To Know In Today’s Shifting Market