In a further continuing decline, albeit just a notch, of reported 30 year mortgage rates to 4.62 percent by Freddie Mac, the home mortgage loan market continues to show a bit of weakness in what is typically considered a slow seasonal time. So this slight rate decrease was not what one would call surprising. The bigger question is whether home buyers have used the last few weeks weakness to lock in mortgages for end of year home purchases.
Yesterday, the Federal Reserve did announce a quarter percent increase in its Fed Funds Rate, which is its short term borrowing benchmark. This did cause a slight increase on 10 year treasury yields which as of the time of this article being written stands at 7.765 percent, less than this time last week.
All in all, with the end of year fast approaching and only one more reporting week left for the 30 year mortgage rate, no substantial move is expected to be reported.
In light of decreasing interest rates, geopolitical concerns, and even the anticipation of the Federal Reserve on the Federal Funds Rate, Freddie Mac has reported another weekly decline in 30 year mortgage rates to 4.63 percent.
If this trend continues, 30 year mortgage rates will not likely have risen the full percentage point as projected from the start of the year to the end of 2018.
This short term reduction, alongside a typical seasonal slowdown in housing sales might just stimulate some buying activity, “if” buyers are paying attention and “also if” they are able to find a desirable home. The ladder of these issues might be the hardest part. Though active listings have been trending up in most metropolitan areas they still, for the most part, are well under levels that qualify as a buyers market with multiple properties available and long days on market trends.
As it should be noted, since last week the ten year treasury yield has risen from around 2.83% this time last week to 2.90% as of the time of writing. This uptick may show a slight increase in 30 year mortgage rates for next week.
Freddie Mac has reported 30 year mortgage rates have held steady from last weeks drop, at 4.81 percent
This hold followed a drop in reported rates from October 11 rates of 4.9 percent and the range up to 4.94 percent reported at the November 8 to November 15 time frame.
As rates steady coming into a seasonally slower period, they are still on pace to have increased a full percentage point from the first of the year.
Going forward, rates are projected to settle in at the low 5 percent range for 2019 with another half point increase projected into 2020.(This from the Freddie Mac Primary Mortgage Survey)
Other than seasonality, the mortgage market is facing a fed which is still tightening and unwinding the quantitative easing purchases. Comments from the Fed Chairman are being watched closely for any sign in a change on tightening monetary policy and for clues as to what 2019 has in store for interest rates.
Featuring the Top 10 Real Estate Agents with Most Sales YTD in New Orleans, Louisiana Area
New Orleans, LA – New Orleans is a Louisiana city on the Mississippi River, near the Gulf of Mexico. Nicknamed the “Big Easy,” it’s known for its round-the-clock nightlife, vibrant live-music scene and spicy, singular cuisine reflecting its history as a melting pot of French, African and American cultures. Embodying its festive spirit is Mardi Gras, the late-winter carnival famed for raucous costumed parades and street parties.
STL.News offers the Top 10 Real Estate Agents in New Orleans, Louisiana, based on Sales YTD in New Orleans, Louisiana.
With so many realtors offering real estate services in the New Orleans community, it is hard to list them all. Having said that, our listing is based on public reviews and opinions. The realtors have the options to pay us to help promote their ranking, which again, is solely based on public opinion, not ours.
Featuring the Top 15 Real Estate Agents with YTD Sales through October 2018 in Long Beach, California Area
Long Beach, CA – The Long Beach, California area is a coastal city and port in Southern California. Moored in its Queensway Bay, RMS Queen Mary is a retired ocean liner and museum ship. The waterfront Aquarium of the Pacific features touch tanks and a shark lagoon.
STL.News offers the Top 15 Real Estate Teams/Agents in Long Beach, California, based on YTD Sales through October 2018.
With so many realtors offering real estate services in the Long Beach community, it is hard to list them all. Having said that, our listing is based on public reviews and opinions. The realtors have the options to pay us to help promote their ranking, which again, is solely based on public opinion, not ours.
Featuring the Top 10 sales for realtors in Springfield Missouri Area
Springfield, MO – Springfield is a city in southwestern Missouri. The Discovery Center of Springfield has interactive science exhibits on topics from DNA to dinosaurs. To the north, Dickerson Park Zoo features animals from around the world, plus train rides. Trams run through a cave filled with stalagmites and flowstones at Fantastic Caverns.
USRealty.News offers the Top 10 sales for realtors in Springfield, Missouri Area.
With so many realtors offering real estate services in the Springfield community, it is hard to list them all. Having said that, our listing is based on public reviews and opinions. The realtors have the options to pay us to help promote their ranking, which again, is solely based on public opinion, not ours.
The Kansas City housing market continues to show strength while facing interest rate increases and seasonal headwinds
KANSAS CITY – The greater Kansas City housing market is still showing signs of continued strength. One example of this is how long homes are on the market, the time from when a home is listed to when it is placed under contract.
Many things can influence these numbers, such as condition of property, interest rate fluctuation, time of the year when the property is listed, and so on. But it is a commonly viewed indicator of supply and demand. When the numbers are short, demand is outpacing supply, and when the numbers are longer, the supply of homes is greater than the demand.
The September 2018 numbers provided by Heartland Multiple Listing Services give us an indication of this; That year over year strength in September is still showing a robust housing market, and that typical seasonality, ie, summer months tend to be more active than the fall, is evidenced by the slight uptick of time on market for September compared to the June-August time frame.
By: Richard Wood
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