• The average 30-year U.S. mortgage rate increased to 6.24% from 6.22% last week; it was 6.78% a year ago.
• The 15-year fixed-rate mortgage rate decreased slightly to 5.49% from 5.50% last week; it was 5.99% a year ago.
• The 10-year Treasury yield, a key indicator for mortgage rates, is currently at 4.10%.
• Mortgage applications increased by nearly 6% last week, with refinancing making up 56% of these applications.
• Despite recent rate cuts by the Federal Reserve, Chair Jerome Powell cautions against assuming further cuts.
• A proposed 50-year mortgage by Trump administration to improve affordability has been met with criticism.
Source: San Diego Union Tribune
What does it mean for the buyers and sellers?
If you’re a buyer, while rising mortgage rates mean higher borrowing costs, a slower market can give you more negotiating power, potentially leading to better deals from sellers. With fewer buyers, you might face less competition, allowing you to take your time finding the right home without feeling pressured.
For sellers, even with higher mortgage rates, there are still serious buyers in the market who might be more prepared to close the deal. Plus, if you’ve owned your home for a while, you likely have equity, which can be advantageous if you’re planning to purchase another property or invest.
With 20 years of real estate expertise, I, Shirin Rezania Ramos, am uniquely positioned to guide you through the complexities of the current market. My experience equips me to strategically analyze and navigate the fluctuations in mortgage rates, making sure that you make informed decisions whether buying or selling. I am committed to leveraging my deep understanding of market trends to help you optimize your investment, negotiate effectively, and achieve your real estate goals with confidence. Call me at 858-345-0685.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
