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Homebuying Tips | Beach Road Realty Inc Blog

Friday, December 22, 2023   /   by Richard Eimers

Embracing Positive Momentum: Home Loan Costs Reach Six-Month Low

In a promising turn of events, home loan financing costs have once again decreased, driving the average long-term U.S. mortgage rate to a six-month low.

1. Encouraging Rate Drops:
The average 30-year mortgage rate has seen a notable decline, dropping from 6.95% to a current 6.67%, marking the eighth consecutive week of decreases and returning to levels seen in late June.
 
2. Welcoming Trends:

Chief Economist Sam Khater of Freddie Mac highlights the positive trend, emphasizing that the 30-year fixed-rate mortgage remains below 7% for the second consecutive week, breaking a streak of 17 weeks above 7%.
 
3. Beneficial Shift for Homeowners:

Borrowing costs for 15-year fixed-rate mortgages, popular among homeowners refinancing, have also decreased, with the average rate now at 5.95%, fostering an optimistic outlook for potential homebuyers.
 
4. Market Recovery Anticipated:

Mortgage rates have been on a easing trajectory since late October ...

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Friday, December 22, 2023   /   by Richard Eimers

Average Long-Term U.S. Mortgage Rate Falls to 6.67%

By Alex Veiga

Some economists say home sales will increase in 2024 as mortgage rates ease.

LOS ANGELES (AP) — Home loan financing costs eased again this week, pulling the average long-term U.S. mortgage rate down to a six-month low.
The average rate on a 30-year mortgage dropped to 6.67% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27%.
The latest drop in rates is the eighth in as many weeks. The average rate is now back to where it was in late June.
“The 30-year fixed-rate mortgage remained below 7% for the second week in a row, a welcome downward trend after 17 consecutive weeks above 7%,” said Sam Khater, Freddie Mac’s chief economist.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also declined this week, with the average rate falling to 5.95% from 6.38% last week. A year ago, it averaged 5.69%, Freddie Mac said.
Mortgage rates have been eas ...

  beach road realty, richard eimers, eimers group, mortgage rates, housing market, home sales, economic trends, real estate forecast, property market insights, mortgage rate trends, homebuying tips

Saturday, October 14, 2023   /   by Richard Eimers

Three Things Homebuyers Can Ask for Now

It’s still a seller’s market, but its strength has declined. Buyers now have a little leeway with sellers and notably more bargaining leverage with lenders.

NEW YORK – Despite being challenged by low inventory and high mortgage rates, house-hunters have some bargaining power with lenders who have money to lend yet fewer mortgage applicants. They’re competing for a shrinking pool of homebuyers, which gives applicants a bit more leverage.
Real estate agents say today’s motivated sellers are also more open to certain buyer requests that they probably wouldn’t have entertained a couple of years ago during the pandemic-driven housing boom. Now, to prevent a sale from stalling or slipping through their fingers entirely, they’re more willing to help buyers out with closing costs or to acquiesce when buyers ask for repairs to be done as a condition of sale.
A third money-saving route for homebuyers, according to agents, is to approach sellers, buis ...

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Beach Road Realty Inc
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798

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