ALL YOU NEED TO KNOW WHEN BUYING OR SELLING THIS FALL
See below for all the current info you need to know when deciding whether to purchase or sell a home this fall.
TODAY’S RATES & HOUSING NEWS
Interest Rates rose over the past 7 days with the Mortgage Backed Security (MBS) market trading down -35 bps.
According to Mortgage News Daily, the average rate on a 30 Year Fixed Conventional Loan in America as of 9/11 is 7.3%, up .22% from the average last week.
Below is the Green Home Loans rate sheet today.
There are a lot of characteristics that go into a mortgage rate – credit score, investor, loan to value, loan amount, costs, etc.
Please call me to go over your specific scenario so we can price your loan out accurately.
August CPI Inflation numbers will be released on 9/13/23.
Expectations are that inflation will move to 3.6% and Core Inflation to 4.3%.
Inflation has made dramatic improvements since it’s peak in 2022, but we are still above the FED’s target of 2%.
Below is a good article breaking down the current inflation expectations:
All eyes are on the next FED meeting set for September 19-20th, 2023.
I feel the large, negative revisions to the BLS Jobs numbers will be enough for the FED to pause and get more data before
making any further moves to the Federal Funds rate.
SEPTEMBER KCM MARKET REPORT
Keeping Current Matters just released their September 2023 Market Report.
Here is the audio of the report: https://files.keepingcurrentmatters.com/content/assets/audio/20230908/KCM-September-2023.mp3
and some of my favorite slides.
In a quick summary – National Home Sales Volume is Down but Home Prices are still moving up.
There is a combination of low demand and low inventory.
Demand is lower with interest rates higher but inventory is so low that home prices are still increasing.
The low inventory is a combination of housing being underbuilt for 10+ years and home owners not wanting to sell their home with a very low rate.
In this condition, home prices are likely to continue to move up and could make a huge leap up when rates drop and a flood of demand comes back into the market.
Inventory increased in August for the first time in 7 years. This could indicate increased seller activity going into Fall – historically one of the best times to purchase a home.