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Mortgage rates fall below 7% for the first time in months
Posted on 12/15/23 at 3:50 am
Posted on 12/15/23 at 3:50 am
Mortgage rates hit the 6% range for the first time since August, and many housing economists believe that trend could continue.
LINK
quote:
The average rate on the 30-year mortgage dropped to 6.95% from 7.03% the week before, according to Freddie Mac on Thursday. Rates fell for the seventh consecutive week and hit the lowest level since early August when rates were 6.96%.
Thanks to bullish overall inflation data, housing experts are predicting near-future rate cuts that will bring mortgage rates even closer to 6%, helping the slow and expensive US housing market that has sidelined many homeowners and prospective buyers over the last 12 months.
LINK
7
Posted on 12/15/23 at 5:33 am to ronricks
The scramble from all of the folks sitting on the sidelines the last 8 months is about to push the modest home price decreases back up.
Posted on 12/15/23 at 6:23 am to ronricks
Everyone waiting on the crash about to be crying when prices go up again next year. Houses are just sitting on the market right now, no one is dropping prices. Rates will continue to drop and these homes will get scooped up, new list prices will rise.
Posted on 12/15/23 at 7:03 am to ronricks
Yeah, this will probably stop any price declines.
We are closing on a house on 1/3. We got a pretty good deal (relatively speaking).
We will probably put our current house for sale mid/late February. I'm hoping the rates will excite more buyers.
We are closing on a house on 1/3. We got a pretty good deal (relatively speaking).
We will probably put our current house for sale mid/late February. I'm hoping the rates will excite more buyers.
Posted on 12/15/23 at 7:06 am to GEAUXT
quote:
Yeah, this will probably stop any price declines
Lower rates will cause increases for sure. Only inventory increases can help lower prices
Posted on 12/15/23 at 7:23 am to ronricks
So the RE Agents are going to be correct
Posted on 12/15/23 at 7:26 am to HailToTheChiz
quote:
Lower rates will cause increases for sure. Only inventory increases can help lower prices
Inventory increases will be difficult unless they are new homes because lots of people still sitting in their current homes on 30 year rates between 2 and 4 % from a few years ago. I think the magic number to finally get these people to start moving would be between 4 and 5 percent.
Posted on 12/15/23 at 7:35 am to SDVTiger
quote:Clocks are right twice a day too.
So the RE Agents are going to be correct
I say that as a 30m realtor, I know how dumb about 90% of the agents are.
Posted on 12/15/23 at 8:04 am to ronricks
Y'all think the proper damage has been done and/or the fed is just going to let everything reinflate? Something bad is brewing and bonds are outperforming equities. Powell just said higher for longer a month ago and now they talk rate cuts? Saw a quote that feels relevant: "The fed lowers rate at the end of an expansion, not the beginning of a new one."
I think a short term bull market may be here but something sinister is coming. I'm not some guru or genius so take this post for what it's worth but if y'all believe the fed engineered a soft landing then y'all have much more faith in them than I do.
I think a short term bull market may be here but something sinister is coming. I'm not some guru or genius so take this post for what it's worth but if y'all believe the fed engineered a soft landing then y'all have much more faith in them than I do.
Posted on 12/15/23 at 8:06 am to llfshoals
I'm a homebuilder. We are working on signing 5 contracts in December. We usually maybe sign 1 in December typically.
Posted on 12/15/23 at 8:12 am to XenScott
This is proving my point. The economy is still way too hot for rate cuts. The fed knows something. The system didn't break enough to garner a cut IMO. We shall see
Posted on 12/15/23 at 8:19 am to itsbigmikey
I'll leave this here as a reminder. Hope I'm so wrong about all of this but it's worth considering
Posted on 12/15/23 at 8:23 am to itsbigmikey
Using interest rates to manage inflation with a housing shortage is just kicking the can down the road. Our customers never went away. They are just sitting on the side line waiting for interest rates to come back to the 5-6% range.
We are a small custom builder that will do 20-40 houses per year. December is usually a dead month for us.
There needs to be another vehicle to manage inflation.(fiscal policy)
We are a small custom builder that will do 20-40 houses per year. December is usually a dead month for us.
There needs to be another vehicle to manage inflation.(fiscal policy)
Posted on 12/15/23 at 8:27 am to itsbigmikey
quote:
Hope I'm so wrong about all of this
Posted on 12/15/23 at 8:28 am to itsbigmikey
quote:
This is proving my point. The economy is still way too hot for rate cuts. The fed knows something. The system didn't break enough to garner a cut IMO. We shall see
Electioneering for 2024.
RASMUSSEN-Trump opens 10 point lead over Biden.
This post was edited on 12/15/23 at 8:31 am
Posted on 12/15/23 at 8:34 am to XenScott
quote:
Electioneering for 2024.
RASMUSSEN-Trump opens 10 point lead over Biden.
This is very possible and if that's the case buy commodities hand over fist because inflation will be back with a vengeance
Posted on 12/15/23 at 8:47 am to XenScott
quote:I have a couple custom builders who stay fairly steady with work. It’s the track builders I’m seeing with inventory that are having inventory stack up. But their builds are definitely inferior quality.
We are a small custom builder that will do 20-40 houses per year. December is usually a dead month for us.
I’m not having many contacts right now over 300k atm, hoping that changes as most of the ones looking at that 99k house on the market aren’t remotely prepared to handle the issues that come with it.
Posted on 12/15/23 at 9:54 am to XenScott
quote:
Electioneering for 2024. RASMUSSEN-Trump opens 10 point lead over Biden.
Jpow is a trump guy
Posted on 12/15/23 at 12:53 pm to XenScott
quote:That doesn't sound like the sky is falling.
I'm a homebuilder. We are working on signing 5 contracts in December. We usually maybe sign 1 in December typically.
Posted on 12/15/23 at 1:06 pm to Big Scrub TX
Funny a few here and most on the poliboard are pulling against America....saddest folks
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