Weekly Market Update July 10 – July 14

 

We’ve officially reversed last week’s mortgage rate damage. But as of yesterday, and today, inflation figures have finally shown that we are right, and numbers are coming down. However, shelter costs are still lagging. We’re expecting to see this drop in the coming months based on the most recent data showing us rent YOY and the shelter YOY change. Good things are ahead! 

Home Prices Turning Higher 

We are BACK to all-time highs in home prices. Last year, we were up 6% in appreciation. The numbers right now are still projecting 4-6% appreciation this year. With a limited supply and high demand, now is a good time to buy. Rates can and will be coming down as we keep following the facts and figures. 

Texas Property Tax Cut 

As more and more people move to Texas and buy properties, our surplus grows. They are looking to give homeowners and property owners $18 billion of tax relief, equating to around $700.00 of savings per household. Go Texas! 

 

Stay tuned for more information on the mortgage industry rate changes and what we hope to see happen. Contact our amazing team for any questions you may have!

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