Realtors and Builders
Unfortunately, weekly mortgage rates keep getting worse and are now in the 8’s. Hopefully we have established a new bottom and we can make our way back as inflation comes down. Inflation will come out on the PCE released tomorrow, September 29th, 2023. The Fed tells us that they’re gong to keep rates higher for longer.
It is a good time to buy. Sure, rates aren’t great. But we are seeing all-time highs in real estate values. Houses keep getting more and more expensive so if you are thinking of buying, it will be better to do it sooner rather than later.
If you or someone you know has credit card debt, take a look at cash-outs with Mortgage Mark and our real-life example of what we were able to do for a client. We don’t love trading in the lower rate, but we helped to free up $3,000 in cash.
Comparing disposable income and house prices in the US compared to other countries is an interesting piece to look at. For example, the data from Canada shows that home prices exceed residents’ disposable income. In the US, they are pretty much even. Mortgage originations by credit score are also showing us a ton of positive credit scores meaning loans are safer than ever.
What’s happening with inventory?
It’s no surprise to see that this is the lowest inventory has been in years, even before COVID. Inventory now is slowly going up which is a great thing. Pending home sales also continue to lag as builders have slowed and even stopped building. If the homebuyer doesn’t like the houses on the market, they aren’t going to buy.
RE/MAX Settles Claims in Compensation Lawsuits
Stay tuned for more weekly mortgage updates for everything you need to know as a realtor, builder, buyer, and more!
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