09/08/2023
🏡 Mortgage News 01. 🏡
“Mortgage interest rates eased this week from 7.18% to 7.12%. However, this is the fourth week above 7%.” - NAR Research.
Mortgage interest rates dipped over the last week but have since retracted to about the same level they were about two weeks ago. This effect is noticeable in homebuyers, as the rising rates make homes more expensive for buyers, usually reducing the demand for home purchases. However, due to the low supply and continuous high need, 35% of properties on the market are selling for more than the asking price, with sellers receiving at least three offers over asking.
With that said, homeowners and potential sellers are still reluctant to move, even when their properties are no longer functional due to family or professional changes. Homeowners and potential sellers would instead take out a home equity loan to support these family or employment transitions, whether through home renovations or financial assistance, rather than move.
In the end, if the economy expands quickly enough, increased mortgage rates won’t have as much of an impact on home values and housing costs as long as salaries and wages also rise in step.
Are you attempting to receive money for changes in your family or job? Do you want to discuss your financial options or needs? Give Extere Financial a call; we know what it takes to make your dreams come true.
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