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Mortgage Rates Sink to their Lowest Levels in 21 Months After 6 Weeks of Decline

In November, mortgage rates appeared ready to soar across the 5 percent threshold. Seven months later, concerns over trade and global growth have driven them below 4 percent.

According to the latest data released Thursday (6/6) by Freddie Mac, the 30-year fixed-rate average sank to 3.82 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.99 percent a week ago, and 4.54 percent a year ago. The 30-year fixed rate fell for the sixth week in a row and hasn’t been this low since September 2017.
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2 Myths Holding Back Home Buyers



Freddie Mac recent ...

SOME HIGHLIGHTS:

­Interest rates are projected to increase steadily throughout 2019, but buyers will still be able to lock in a rate lower than their parents or grandparents did when they bought their homes!
Home prices will rise at a rate of 4.8% over the course of 2019 according to CoreLogic.
All four major reporting agencies believe that home sales will outpace 2018!

Over the past few years, two trends have emerged in the housing market:





Home renovations have shot up






Inventory of homes available for sale on the market has dropped





 


A ‘normal’ housing market is defined by having a 6-month supply of homes for sale. According to the latest Existing Home Sales Report from the National Association of Realtors, we are currently at a 4.4-month supply.


This low inventory environment has many current homeowners worried that they would be unable to find a home to buy if they were to list and sell their current houses, which is causing many homeowners to instead renovate their homes in an attempt to fit their needs.


According to Home Advisor, homeowners spent an average of $6,649 on home improvements over the last 12 months. If that number seems high, it also includes homeowners who recently bought fixer-uppers.


A new study from Zillow ask ...

Are You Ready To Live Life On Offense?


  





Get ready for NFL Hall Of Famer, MVP, and Super Bowl Champion Terrell Davis along with his partner Real Estate entrepreneur Kevin Schumacher for “The Live Life On Offense” Podcast.
Terrell Davis and Kevin Schumacher dive deep into what it takes to develop the mental fitness for a Championship mentality in your business and life. What it takes to be a professional elite athlete goes hand and hand with what it takes to be an elite entrepreneur and person.
Being True To The Game is what it takes to live a life where you’re not just existing in it. The “Live Life On Offense” Podcast will feature in-depth conversations between Terrell and Kevin and interviews with guests that are champions in their careers and lives.




          

Home sales numbers are leveling off, the rate of price appreciation has slowed to more historically normal averages, and inventory is finally increasing. We are headed into a more normal housing market.
However, some are seeing these adjustments as red flags and are suggesting that we are headed back to the same challenges we experienced in 2008. Today, let’s look at one set of statistics that prove the current market is nothing like the one that preceded the housing crash last decade.
The previous bubble was partially caused by unhealthy levels of mortgage debt. New purchasers were putting down the minimum down payment, resulting in them having little if any equity in their homes.
Existing homeowners were using their homes as ATMs by refinancing and swapping their equity for cash. When prices started to fall, many homeowners found themselves in a negative equity situation (where their mortgage was higher than the value of their home) so they walked away which caused prices to ...