Hello everybody! Welcome back to Suburban Snacks, where we not only inform you of current Real Estate topics but also review a different food item every month! This month’s snack is… sour punch bites! Before we review the snack, we’ll be informing you on how home buying is 5% cheaper than a week ago! According to economists at the National Association of Realtors, mortgage rates are falling—at least for now—after posting rapid jumps in June. Over the last two weeks, the 30-year fixed-rate mortgage has dropped by one-half of a percentage point. This means home buying is about 5% more affordable than a week ago, translating to about $100 less in monthly mortgage payments. Rates are dropping as concerns mount over a possible economic recession. Sam Khater, Freddie Mac’s chief economist says, “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.” Freddie Mac reports the following national averages with mortgage rates for the week ending July 7: The 30-year fixed-rate mortgage averaged 5.30%. Last year at this time, 30-year rates averaged 2.90%. The 15-year fixed-rate mortgage averaged 4.45%. A year ago, 15-year rates averaged 2.20%. The 5-year hybrid adjustable-rate mortgages averaged 4.19%. A year ago, 5-year ARMs averaged 2.52%. Something worth mentioning is that these current mortgage rates are still among the lowest rates historically that we’ve ever seen! So, if you are a buyer who is interested in purchasing a home then we at Suburban would love to help! Do you like sour punch bites? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get into contact with us feel free to check out our website at suburbanrealestategroup.com. Also, make sure to click the link below to follow us on Instagram. Thanks for watching, my name is Cade Olof and we will see you in the next one!
Suburban Real Estate Group2023-01-30T08:59:09-07:00July 15, 2022|Suburban Snacks|
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Suburban Real Estate Group
Our team of experienced agents have facilitated the transfer of nearly $80 Million worth of Real Estate and currently manage over $30 Million worth of rental properties. By using the latest technology available in the industry, combined with their family values, buyers, sellers, and property owners can rest assured that their best interest is Suburban’s number one priority.
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