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Mortgage Rates | Beach Road Realty Inc Blog

Tuesday, January 23, 2024   /   by Richard Eimers

New Mortgage Applications Jump More Than 10%

New mortgage applications increased 10.4% from one week earlier, according to the Mortgage Bankers Association.

WASHINGTON — Mortgage applications increased 10.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 12, 2024. Last week’s results included an adjustment to account for the New Year’s holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 10.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 26% compared with the previous week. The

The Refinance Index increased 11% from the previous week and was 10% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 9% from one week earlier. The unadjusted Purchase Index increased 28% compared with the previous week and was 20% lower than the same week one year ago.

“Mortgage r4 ...

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Monday, January 15, 2024   /   by Richard Eimers

LOWER RATES REVIVING REAL ESTATE MARKET

In recent years, soaring mortgage rates have chilled the enthusiasm of homebuyers and deterred potential sellers from entering the market due to the prospect of higher loan costs.
This prolonged period of cautious waiting has led to a notable slowdown in the real estate sector. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), estimates a substantial 18% decrease in existing home sales last year, following a 17% decline in 2022.
As financing costs gradually decrease, there's optimism for a resurgence in sales volume. Selma Hepp, Chief Economist at CoreLogic, anticipates a boost in home sales activity in 2024 compared to 2023. The decline in mortgage rates is expected to motivate more sellers to trade their existing homes, alleviating the market's inventory shortage and stimulating increased transactions.
Evidence suggests that homebuyers' patience is waning, even with higher borrowing costs. A recent Bank of America survey indicates a significant drop froms ...

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Monday, January 15, 2024   /   by Richard Eimers

ANTICIPATED MORTGAGE RATE DECLINE IN 2024: A POSITIVE OUTLOOK

In a promising development for 2024, the burden of high mortgage rates impacting the real estate market may be on the verge of easing.

During its December meeting, the Federal Reserve hinted at a positive shift, signaling an expected cut in its overnight rate in 2024. Analysts are optimistic, predicting a synchronized decline in mortgage rates [^5^].

Freddie Mac’s Chief Economist, Sam Khater, foresees a gradual improvement in the housing market in the coming year. With inflation decelerating and expectations of the Federal Reserve lowering the federal funds target rate, a thawing of the housing market is likely [^9^].

Already, the average 30-year fixed mortgage rate has seen a decrease from its October peak of around 8%. Forecasts from Fannie Mae, the Mortgage Bankers Association, and Realtor.com align, projecting a trend towards lower rates in 2024, potentially ending the year closer to 6% [^7^].

However, it’s not an unmitigated positive; the era of 3% mortgages ...

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Monday, January 15, 2024   /   by Richard Eimers

INSIGHT INTO HOME PRICE STABILITY FOR 2024

Despite facing 8% mortgage rates, the anticipated crash in home prices didn't materialize in 2023, offering a positive outlook for prospective home buyers. On average, U.S. property values concluded the year on an upward trajectory, with some regions experiencing declines offset by appreciation in others [^6^].
Traditionally, rising interest rates trigger price falls due to decreased demand. However, the resilience in home values is attributed to a nationwide housing shortage, as highlighted by Mike Simonsen at Altos Research. He emphasizes the delicate balance between low demand and low supply, indicating that a significant imbalance is necessary for declining home prices [^7^].
Looking ahead to 2024, analysts anticipate this equilibrium to sustain home prices, although forecasts differ. Realtor.com's economists predict a marginal decrease in the median home price by 1.7%, while Fannie Mae forecasts modest growth of 2.8% [^6^,^8^].
A consensus among experts is that mortgage rates wy ...

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Monday, January 15, 2024   /   by Richard Eimers

NAVIGATING THE REAL ESTATE LANDSCAPE IN 2024

In the past year, a significant portion of home buyers and sellers observed from the sidelines, witnessing a decline in home sales momentum. This downturn, initiated by the Federal Reserve's interest rate hikes in 2022, coupled with soaring borrowing costs and record-breaking home prices, marked the most substantial real estate market deceleration since the 2008 recession [^2^].

The surge in home prices has priced out a generation of potential buyers, delaying their dreams of homeownership. Simultaneously, current homeowners, reluctant to relinquish their advantageous pandemic-era mortgage rates, have opted to wait, leading to a noticeable drop in property listings [^4^].

Hope is on the horizon, though. In December, the Federal Reserve signaled a halt to interest rate hikes and hinted at a potential 0.75% rate cut in the coming year. Although mortgage rates don't mirror the federal funds rate precisely, they often move in sync, suggesting the possibility of more affordable home l ...

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

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