VIDEO UPDATE:

(10) Mortgage Rate Update – YouTube

TODAY’S RATES & HOUSING NEWS

The Mortgage Backed Security (MBS)
market traded down -4 bps on the week.
Negative trading typically results in
higher mortgage rate pricing but since
the number was so small, we’ve seen
little to no change in interest rate
pricing for most products.

The big potential market mover this
week is Friday’s PCE Inflation Report.

Below is the Green Home Loans
rate sheet today. 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.

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

HOME MARKET FORECAST
FOR 2nd HALF OF 2024

Home Prices are expected to rise
slightly through the 2^nd half of 2024,
while Mortgage Interest Rates are
expected to go down slightly in the
2^nd half of 2024.

See full article here:
https://www.simplifyingthemarket.com/en/2024/06/24/housing-market-forecast-whats-ahead-for-the-2nd-half-of-2024?a=416053-92a5e147583580fe9c623b0e517c01ac

and Home Price and Interest Rate
Projections below:

CROMFORD REPORT
*The Cromford Report is a detailed analysis of the
Phoenix Metro housing market. While many of our
partners & clients are in different areas, Phoenix
often starts housing trends and thus we think the
information is valuable regardless of your market*

Per the Cromford Report, here are
the mid-month pricing updates for
June 2024.

For the monthly period ending June
15, we are currently recording a sales
$/SF of $297.69 averaged for all areas
and types across the ARMLS database.

This is down almost $10, a huge 3.0%
from the $307.04 we now measure for
May 15. Our forecast range mid-point
was $307.09. In hindsight the surge of
$10 between April and May looks like
an unnatural blip and it has all
evaporated one month later. We did
think our official forecast felt over-
optimistic, and this proved prophetic.

The actual result was well below our
90% confidence interval. So, we conclude
that pricing was much weaker than expected,
the exact opposite of the previous month. 
The current light volumes mean prices
are more volatile than usual. If only
we had a larger sample size perhaps
we would see more sustainable readings.

On June 15 the pending listings for
all areas & types show an average
list $/SF of $330.94, down 0.4% from
the reading for May 15. Among those
pending listings, we have 99.1% normal,
0.2% in REOs and 0.7% in short sales
and pre-foreclosures. This reflects
the continued low level of foreclosure
activity, with fewer than 1% of pending
listings in some form of distress.

Our mid-point forecast for the average
monthly sales $/SF on July 15 is $296.49,
which down 0.4% from the June 15 reading.
We have a 90% confidence that it will fall
within ± 2% of this mid-point, i.e. in the
range $290.56 to $302.42. In other words,
we are expecting stability in pricing with
a slight tendency towards weakness.

Below is your weekly snapshot of Phoenix
Metro housing. Active Listings are down
slightly over the past 30 days and inventory
has stayed in a tight range over the past
3 months.

Have a great week!