TODAY’S RATES & HOUSING NEWS

4^th of July week was a nice turnaround
for mortgage interest rates. After mortgage
interest rates went up the week prior, the
market rebounded with the Mortgage Backed
Security (MBS) trading up +70 bps. Interest
rates improved approximately .125% and
reversed the upward movement from the
week prior.

The highlight of the week was the BLS
Jobs Report.

The Job Creation number for June
2024 came in at 206,000 which was
slightly higher than estimates of
190,000. Although jobs came in higher
than expectations for June, there were
major negative revisions to the 2 prior
months of 111,000.

This along with the unemployment rate
going from 4% to 4.1%, helped set the
stage for hopefully a good July for
Mortgage Interest Rates.

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 PRICES RISE 6.3%

S&P Case Shiller National Home Price
Index came out for April 2024 (3 month lag)
and home prices reached a new all-time
for the second consecutive month, with
home prices rising 6.3% nationally over
the past 12 months.

Here are the year over year home appreciation results for the 20 city composite.

1. San Diego +10.3%
2. New York +9.4%
3. Chicago +8.7%
4. Los Angeles +8.6%
5. Cleveland +8.5%
6. Las Vegas +8.3%
7. Miami +8.2%
8. Boston +7.9%
9. Seattle +7.5%
10. Charlotte +7.3%
11. Detroit +7.2%
12. Denver +6.4%
13. Atlanta +5.9%
14. Phoenix +4.8%
15. San Francisco +4.7%
16. Tampa +3.6%
17. Dallas +3.4%
18. Minneapolis +2.9%
19. Denver +2.0%
20. Portland +1.7%

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*

Here are Phoenix Metro’s June Numbers
According to the Cromford Report.

*Active Listings (excluding UCB & CCBS):
18,121 versus 11,545 last year – up 57% –
and up 0.4% from 18,044 last month

*Active Listings (including UCB & CCBS):
21,116 versus 14,406 last year – up 47% –
but down 1.1% compared with 21,353 last month

*Pending Listings: 4,407 versus 4,997 last year –
down 12% – and down 12% from 5,015 last month

*Under Contract Listings (including Pending,
CCBS & UCB): 7,402 versus 7,858 last year –
down 5.8% – and down 11% from 8,324 last month

*Monthly Sales: 6,318 versus 7,456 last year –
down 15% – and down 17% from 7,595 last month

*Monthly Average Sales Price per Sq. Ft.:
$295.39 versus $287.67 last year – up 2.7% –
but down 0.8% from $297.79 last month

*Monthly Median Sales Price: $450,000
versus $443,000 last year – up 1.69% – and
unchanged from $450,000 last month

Phoenix Metro is up in supply compared
to last year in every price range.

*Below $300K – up by 94%
*From $300K and $350K – up by 64%
*From $400K to $450K – up by 76%
*From $500K to $600K – up by 77%
*From $1.5M to $2M – up by 64%
*From $5M to $7.5M – up by 59%

The lowest increases have been in the
following price ranges:

*From $700K to $800K – up by 31%
*From $2M to $3M – up by 28%
*From $7.5M to $10M – up by 35%

Below is your weekly snapshot of
Phoenix Metro housing.

Have a great week!!!