With interest rates at their highest levels since 2000 and affordability lowest since 1984, it's a fair question to ask whether it's a good time to buy a house. To answer this question, it's important to consider both the past and the future. Looking back: Compared to last year, it is not a good time to buy a house. Interest rates and home prices are both higher today. Looking ahead: However, interest...
Yesterday, the yield on the 10 year Treasury bond hit a high of 4.8% which lead to the average 30 year fixed mortgage rate hitting a 23 year high. It toped at 7.7%. A year ago from today they were 6.6%. What about mortgage applications? According to Mortgage Bankers Association's Survey, applications decreased another 6% from last week. Which is 22% lower than this time last year, hitting a 27 year low...
Yesterday Mortgage Rates hit new highs with the 30 year fixed rate sitting at 7.51% for a 30 year fixed rate. These are the highest rates we've seen since 2002. I was hopeful by the fall of this year we'd be back into the 6's but unfortunately that projection is being pushed to 2024. All if this is because the bond market has been struggling and has rebounded like analysis projected. If you want to...
We're back with our August New Smyrna Beach Housing Update. Let's see how interest rates are affecting our housing market. New Smyrna Beach Housing Update July 2023 August 2022 August 2023 Percentage Difference Number of Listings 184 149 193 29% Increase New Listings 68 94 105 12% Increase List...
We're back with our Ormond Beach Housing Update. It's been a very busy summer so far! Ormond Beach Housing Update July 2023 August 2022 August 2023 Percentage Difference Number of Listings 416 320 419 30% Increase New Listings 150 172 178 3% Decrease List Price $539,000 $604,000 $644,000 6%...
We're back with our August Daytona Beach Housing Update. Let's see how interest rates are affecting our housing market. Daytona Beach Housing Update July 2023 August 2022 August 2023 Percentage Difference Number of Listings 811 641 813 26% Increase New Listings 240 254 218 14% Decrease List...
We're back with our August Port Orange Housing Update. What are your thoughts? Port Orange Housing Update July 2023 August 2022 August 2023 Percentage Difference Number of Listings 186 185 185 0% Increase New Listings 118 103 114 10% Increase List Price $546,000 $526,000 $556,000 6% Increase Sales Price $400,000 $389,000 $420,000 8% Increase Days on Market 67 Days 55 Days 77...
Mortgage rates continue to rise and currently sit at 7.12% according to Mortgage News Daily. Here is an overview of where we stand today: Mortgage applications rose in the latest week, even though rates stayed the same. This is because some buyers have accepted the higher rates, and others are buying now because inventory is low. The average 30-year fixed mortgage rate was 7.31%, unchanged...
The mortgage rates have been rising steadily in recent months and have reached the peaks we were seeing in 2000. This is having a significant impact on the housing market. For home buyers, higher rates mean higher monthly mortgage payments. This can make it more difficult to afford a home, especially for first-time buyers. However, there is one silver lining for buyers: the higher rates are also leading...
Homebuyers the past several years have flocked to Florida. According to Redfin, here are the top 5 destinations for homebuyers. Las Vegas Phoenix Tampa Orlando Sacramento The majority of people moving to Orlando are coming from New York City. Homebuyers are still taking advantage of remote work opportunities to move to more affordable areas with better housing options. According to a...