Mortgage Interest Rates Dipped Slightly
Good Monday Morning!
Finally, some good news about the Real Estate market, both locally and nationally. Mortgage interest rates dipped slightly last week. Any reduction in mortgage loan rates is welcome news. Hopefully, this trend will continue and bring some fresh air into a stagnant market. In the Eugene and Springfield area, we are seeing more homes hit the market, which will help a market that has had extremely low inventory for several years. Only time will tell if this is a blip or if this trend will continue. Right now, signs are pointing to an improving summer housing market. The following is a recent article from "Realtor.com."
Mortgage rates dipped further this week, with the average rate for a 30-year fixed home loan falling from 6.99% last week to 6.95% for the week ending June 13, according to Freddie Mac.
“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Top-line inflation numbers were flat, but shelter inflation, which measures rent and homeownership costs, increased, showing that housing affordability continues to be an ongoing impediment for buyers on the house hunt.”
Mortgage rates have been perched on a 7% seesaw, rising just above or below the benchmark for almost two months, presenting a major financial hurdle for would-be buyers.
Still, with just one week left in the spring housing market, many sellers are forging ahead the instant they see rates fall, as they did last week.
“This past week, mortgage rates dropped below 7% once again,” says Realtor.com® senior research scientist Jiayi Xu. “As a result, more home sellers returned to the market, leading to an increase in new listings compared to the previous week.”
Fresh listings jumped for the week ending June 8, with 8.0% more new listings hitting the market compared with a year ago. (The prior week saw only a 2.1% rise in new listings year over year.)
Have An Awesome Week!
Stay Healthy! Stay Safe! Remain Positive! Trust in God!
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