VIDEO UPDATE:

Interest Rates Improve 📊, Is The U.S. in a Home Buyer’s Market 🏡 –

All that and more on Your Weekly Mortgage Rate Update 💻

TODAY’S MORTGAGE RATES

Mortgage interest rates continue to ride
momentum lower. The average conventional
30-year fixed interest rate in the country
dropped below 6.9%. The Mortgage Backed
Security (MBS) market traded up + 39 bps
over the past 7 days.

Below are Mortgage News Daily’s
average interest rates across
the country.

In the chart below, you can see the
Mortgage Backed Security market
since the beginning of December.
When MBS goes up, interest rates
improve.

You can see on the far right of
the chart with all that green that
rates have improved a good amount
recently and are close to the lowest
levels we’ve seen since December 9^th.

The big news this week is Friday’s
PCE Inflation Report. The expectation
is the yearly and core inflation number
could drop slightly.

There are a lot of characteristics that
go into a mortgage rate – credit score,
investor, loan to value, loan amount,
costs, etc. Please call me to go over
your specific scenario so we can
price your loan out accurately.

Or reply to this email with the answers
to the questions below for Mortgage
Options for your scenario.

REFINANCE QUOTE:

Goal of Refinance – Lower Payment, Cash Out, Debt Consolidation:
Address of Home:
Estimated Value of Home:
Current Loan Amount:
Current Rate:
What Type of Loan Are You in Currently – FHA, VA, Conventional:
Estimated Credit Score:
Are You a Veteran or Active Member of the U.S. Military:
If You are a Veteran, Do you get VA Disability:

HOME PURCHASE QUOTE:

What City and State are You Looking to Purchase In:
Estimated Purchase Price:
Loan Amount You Would Like to Finance:
Will Property be a Primary Residence, Investment Property, or Vacation Home:
Estimated Credit Score:
Are You a Veteran or Active Member of the U.S. Military:
If You are a Veteran, Do you get VA Disability:

Thank you!

REDFIN STATES THE U.S.
COULD BE IN A BUYER’S MARKET

According to Redfin, America is as
close as it’s been to a Buyer’s Market
in years.

“It’s 100% a buyer’s market right now,”
said Bryan Carnaggio, a Redfin Premier
agent in Jacksonville, FL. “There’s a
ton of inventory. Everywhere you go,
there’s a house for sale. Most sellers
here know the market is bad and it’s
not advantageous to sell right now,
but either they’re tired of waiting
for things to improve, or they really
have to sell because they are moving
out of state. For buyers, this means
there are more opportunities to
negotiate on price and terms.”

There is currently 3.7 months of home
supply on the market, the highest
number since February of 2019.

According to Redfin, there are a number
of datapoints showing that buyers
have good negotiation power right now.

Sales are slow: Pending sales fell 6.3%
in January to the lowest mark since the
early days of the pandemic in April 2020.

Listings are sitting longer: The typical
home sold in January had been on
the market for nearly two months
(56 days), the longest period since
February 2020.

Price growth is slowing: The median
U.S. home price was up 4.1% year over
year in January, the slowest growth since
September and more in line with the
rate experienced in the late 2010s.

More negotiation is possible: The
typical home sold for 1.8% less than
its final asking price in January, the
biggest discount in nearly two years.

Deals are falling through: Home
purchases were canceled at the highest
January rate since at least 2017 last
month.

A buyer’s market is characterized by
home buyers having more negotiating
power with sellers.

Because of high competition and low
demand, buyers have leverage to
negotiate seller concessions or
lower prices.

A 1% Seller Concession will typically
lower your rate .5%.
A 2% Seller Concession will typically
lower your rate 1%.

Rates are the lowest they’ve been in
2 months and supply is higher than
it’s been in 6 years.

If you have been waiting on the
sidelines, now may be a good
time to jump back in.

Hope you have a great week!