mortgage survey: September Phoenix Metro Home Prices Decline
- 09/29/23 02:40 PM
Phoenix metro home prices are on the decline from a median $435K in August to $430K in September. Why? Freddie Mac in their weekly national mortgage survey reported on September 28 that for those with good credit the national mortgage rate has risen and is now 7.31%. (Photo: Dobbins Point Lookout over Phoenix, from Parks and Recreation website) Further, Freddie Mac reported that "the 30-year fixed-rate mortgage has hit the highest level since the year 2000. However, unlike the turn of the millennium, house prices today are rising (nationally) alongside mortgage rates, primarily due to low inventory. These headwinds are causing both … (9 comments)
mortgage survey: A Drop! National Mortgage Rate Survey July 7, 2022
- 07/13/22 11:24 PM
Per the weekly Freddie Mac National Mortgage Rates Survey on July 7, 2022, Mortgage Rates Drop July 7, 2022: Although probably only temporarily, "Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise. While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown." A well informed buyer should know that at 5.3% for 30 year mortgage rates are still closer to record lows than record highs and for … (3 comments)
mortgage survey: National Mortgage Rate Survey June 23, 2022
- 06/23/22 10:20 AM
Per the weekly Freddie Mac National Mortgage Rates Survey today, Mortgage Rates Continue to Move UpJune 23, 2022"Fixed mortgage rates have increased by more than two full percentage points since the beginning of the year. The combination of rising rates and high home prices is the likely driver of recent declines in existing home sales. However, in reality many potential homebuyers are still interested in purchasing a home, keeping the market competitive but leveling off the last two years of red-hot activity." One thing for sure is that at 5.81% for 30 year mortgage rates are still closer to record lows than record … (5 comments)
mortgage survey: Slowing in Phoenix Metro Home Price Increases?
- 06/02/22 03:57 PM
Is a slowing in the string of all time record Phoenix metro median high SOLD prices ready to start slowing with rising mortgage rates? Well, maybe not quite yet as May 2022 is expected to be another all time high with sold prices of $475,000. Don't expect a reduction from the median of $475K soon and in fact it may increase further in June for homes that went under contract in May. (Photo from City of Phoenix Parks and Recreation website: Dobbins Lookout Point South Mountain) However there are signs that a slowing (not a downturn) of home prices may be approaching. … (0 comments)
mortgage survey: Mortgage Rates Up Again Nationally This Week
- 03/26/22 10:22 AM
Here are the results the national Fannie Mae Mortgage Rate survey for the week as of today March 24, 2022 for consideration if you are ready to buy a home or refinance the home that you have now. (Photo: Open Clip Art Vectors- Pixabay). The good news? Mortgage rates at 4.42% (30 years) are less than 5% are still much closer to historic lows than historic highs as inflation in the US is now in full swing since 2020. The Federal Reserve has indicated that more interest rates are likely as inflation continues in 2022. Buyers that have been on the fence … (2 comments)
mortgage survey: Mortgage Rates Rise to Highest Level Since 2020
- 01/12/22 10:45 AM
Mortgage rates are on the continued upswing indicating now may be time to buy a home and fulfil the American Dream for those that have been sitting on the fence instead of your own backyard. With rising mortgage rates and continued inflation locking in a 30 year fixed home payment when comparing to rising rents that will go up year after year is an enticement to BUY NOW. Freddie Mac does a weekly national mortgage rate survey for rates for those with good credit. Last week January 6, 2022 rates rose to 3.22% for a 30 year mortgage, the highest since 2020. … (4 comments)
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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
Phoenix metro home prices are on the decline from a median $435K in August to $430K in September. Why? Freddie Mac in their weekly national mortgage survey reported on September 28 that for those with good credit the national mortgage rate has risen and is now 7.31%. (Photo: Dobbins Point Lookout over Phoenix, from Parks and Recreation website)
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