Wednesday, August 28, 2024 / by Dick Keenan
In the past few years, many people have found it challenging to buy a home due to affordability issues. While it's still tough out there, there are signs that things might be getting a bit easier, with potential for further improvement as the year progresses. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), puts it this way:
“Housing affordability is improving ever so modestly, but it is moving in the right direction.”
Let's take a closer look at the three key factors that influence home affordability: mortgage rates, home prices, and wages.
1. Mortgage Rates
Mortgage rates have been quite volatile this year, fluctuating between the mid-6% to low 7% range. However, there's some positive news. Data from Freddie Mac shows that since May, rates have generally been on a downward trend.
This improvement in mortgage rates is partly due to recent economic, employment, and inflation data. While we can expect some ongoing fluctuations, expe. ...
Read More
real estate, keller williams, central coast, home buyer, home purchase, house for sale, first time home buyer, housing affordability, low interest rates, mortgage rates, affordability, cost of housing in california, afford more home, economy
Monday, August 19, 2024 / by Dick Keenan
If you’re considering buying or selling a home, mortgage rates are likely at the forefront of your thoughts. These rates play a crucial role in determining how much you’ll pay each month on your mortgage, so it’s important to factor them into your plans. Here’s what you need to know about the current mortgage rate landscape and how it affects your buying power.
What’s the Current Trend with Mortgage Rates?
Recently, mortgage rates have been on a downward trend, which is promising news for those looking to buy a home. However, it’s essential to remember that mortgage rates can be unpredictable. They are influenced by a variety of factors, including the state of the economy, the job market, inflation, and the Federal Reserve’s policies.
As Odeta Kushi, Deputy Chief Economist at First American, points out, “The ongoing deceleration in inflation, coupled with the Federal Reserve’s recent indication of potential rate cuts [in 20. ...
Read More
real estate, keenan carter group, keller williams, central coast, home buyer, san luis obispo county, home purchase, home ownership, california, buying, first time home buyer, real estate market, housing market update, mortgage rates, budget, for home buyers, move up buyers, affordability, home loan, home pricing, refinance
Wednesday, August 7, 2024 / by Dick Keenan
Mortgage rates have been a major topic in the housing market due to their significant impact on affordability. If you're looking to buy a home, you've likely been waiting for rates to drop. Good news: the past few weeks have shown a promising decline in rates.
Mortgage Rates Trend Down in Recent Weeks
There's exciting news about mortgage rates. Following recent reports on the economy, inflation, unemployment rates, and comments from the Federal Reserve, mortgage rates have started to decrease. According to Freddie Mac, rates are now at their lowest level since February. Here's a visual representation of this downward trend:
You might be tempted to wait and see if rates will drop even further. However, it's important to keep things in perspective. The record-low rates from the pandemic are a thing of the past. If you're hoping for a 3% mortgage rate again, experts agree that’s unlikely. As Greg McBride, Chief Financial Analyst at Bankrate, explains:
"The hopes for lo. ...
Read More
real estate, keenan carter group, keller williams, central coast, realtor, home purchase, real estate agent, first time home buyer, housing affordability, low interest rates, mortgage rates, stop renting, interest rates
Friday, June 21, 2024 / by Dick Keenan
You've likely been hearing a lot about mortgage rates lately, especially with recent discussions about the Federal Reserve’s (the Fed) meetings. However, it’s important to understand that the Fed doesn’t directly set mortgage rates, despite what some headlines suggest.
Mortgage rates are influenced by various factors, including geopolitical events, inflation, and the overall economy. Predicting when these elements will align to bring rates down is quite challenging.
Instead of trying to time the market, focus on what you can control to make your homebuying plans a reality. Here’s what you can do:
Your Credit Score
Your credit score significantly impacts your mortgage rate. As CNET notes:
“You can’t control the economic factors influencing interest rates. But you can get the best rate for your situation, and improving your credit score is the right place to start. Lenders look at your credit score to decide whether to approve you for a . ...
Read More
home buyer, home purchase, home ownership, housing affordability, mortgage rates, mortgage, for home buyers, lending, mortgage avdvice
Wednesday, January 27, 2021 / by Traci Pimentel
Market Update
San Luis Obispo County hasn't seen much change with New Listings hitting the market in comparison to the previous couple weeks. We did see a nearly 13% increase in properties going Pending. With more than 15% less properties sold this past week, the uptick of escrows opened, and no influx of inventory hitting the market, we're still very much in a Seller's Market.
A swell of buyers are looking to enter the market, keeping demand firm amidst the continued historically low interest rates. By the 4th quarter this year, experts are forecasting that refinance volume will decrease, largely because many will have already refinanced due to these low rates.
In 2020, median listing prices grew 13.3%, according to Realtor.com. Experts forecast prices will stay on this upward track.
Even if home prices rise as forecasted, that w ...
Read More
real estate, keenan carter group, keller williams, central coast, home buyer, san luis obispo county, selling a home, realtor, california, low interest rates, real estate market, sellers market, low inventory, real estate market update, housing market update, mortgage rates, cost of housing in california, market update, housing economy, home report, housing update, real estate projections, economy, home sales projections
