Good Monday Morning!

There is some very positive news this Holiday Season as mortgage interest rates continue their decline, giving some relief to a depressed national and local housing market. The recent decline has helped those wanting to purchase a home immensely. Our largest problem at this time is that the inventory of homes on the market for sale, both here in the Eugene and Springfiled area and across the country remains extremely low and well below healthy levels. Those buyers out there today are ready to buy and take advantage of the lower mortgage rates, yet low home inventories are making the process difficult. If you are considering selling your home, this just might be that window of opportunity you need to sell your home at top market value. If you are considering the sale of your home, please contact me. I can easily give you an idea of what your home would currently sell for and also give you an idea as to what you would have as a payment on the purchase of your next home. The following is a recent article from "Realtor.com" that will provide you with an update on the current home mortgage market.

The numbers: Mortgage rates continued to inch downwards, providing some relief to prospective homeowners.

The 30-year fixed-rate mortgage averaged 6.27% as of December 22, according to data released by Freddie Mac on Thursday.

That’s down 4 basis points from the previous week—one basis point is equal to one-hundredth of a percentage point.

Rates have dropped for the sixth week in a row. Rates were last at this level in mid-September. Last week, the 30-year was at 6.31%. Last year, the 30-year was averaging at 3.05%

Rates are much lower than they were a month ago, when the 30-year was averaging above 7%.

The average rate on the 15-year mortgage rose to 5.69%.

“Rates have declined significantly over the past six weeks, which is helpful for potential homebuyers,” Sam Khater, chief economist at Freddie Mac, said in a statement.

But “new data indicates that homeowners are hesitant to list their homes,” he added.

“Many of those homeowners are carefully weighing their options as more than two-thirds of current homeowners have a fixed mortgage rate of below four percent,” Khater explained.

What are they saying? Buyers are taking advantage of the dip in rates to refinance their mortgages.

According to the Mortgage Bankers Association, refinancing demand jumped 6% in the latest week.

Falling rates have helped homeowners: The national median mortgage payment has dropped from $2,012 in October to $1,977 in November, the MBA said in a separate report. Mortgage payments have risen by nearly $600 in the first 11 months of the year.

The MBA said it expects the housing market and the U.S. economy to “remain volatile in early 2023.” It also expects mortgage rates to continue coming down.

Have An Awesome Week!

Stay Healthy! Stay Safe! Remain Positive! Trust in God!

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AND HERE'S YOUR MONDAY MORNING COFFEE!!