Buyers Rejoice! Home Prices Dropping As Well As Interest Rates

The expert say home buyer should be rejoicing as the average rate on a 30-year mortgage dropped this week to 6.47%, its lowest level in over a year, offering a boost to prospective homebuyers and homeowners looking to refinance. This marks the second consecutive week of falling rates, now at their lowest since May of last year. The decline, attributed to a drop in the 10-year Treasury yield following weaker-than-expected labor market data, has increased purchasing power for buyers and spurred a surge in refinancing applications. However, despite this improvement, mortgage rates are still expected to remain above 6% this year, keeping many buyers cautious in the face of feeling this could be the signs for the next housing crash.
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Kristina Smallhorn
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LIVE STREAMS ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.

[kevinschlosberg]

The problem is not with the interest rates, the problem is with the cost to acquire the property.

[craigenputtock]

Home price will have to drop 40% before average people can start buying them again. If, that is to say, they still have jobs....

[gijane]

I won't be staying an Air BnB anymore. They aren't protecting guests from hosts that install hidden cameras

[Joce]

My neighbors are reporting that their grocery bill went up $100 from a week ago until this week... They bought essentially the same groceries.

[Joce]

Our major grocery stores have a lot less inventory... It is really obvious.

[Joce]

I am not on a weight loss menu.. For breakfast I had 2 Mini peeled carrots... For lunch I had a chicken thigh... For dinner I had an Apple... I try to eat light like this every other day to save money.

[Joce]

Minneapolis mortgage. 6.44%.. That is not much of a drop.!.. People need rates to be 5%.

[Outdooracademe]

To reiterate another comment, it's not the interest rate, it's the inflated prices. In 1989 I bought a lot of house and property for $40k at 12%. It was easy compared to today.

[heathercontois]

I knew Air BNB would flop. We have 2 new replacements going up this year, but they will still behave the same and flop within 2 years. Just watch. No one wants to deal with all this anymore.

[SarahS]

Happy to hear prices, rates coming down! 😊 hope it’s nation wide at some point!

[Joce]

To the guy in West Michigan I disagree with Kristina a 100%.
. Honestly the most successful people that I have seen in your situation are people who decided to live in their car and not pay rent.. Watch all of the videos on how to live in a vehicle including how big of vehicle and how to get a storage locker and how to join a gym access to a place to shower 24/7...Save cash. Rent a room ..during the worst of the winter...or summer hot temps..

[Sonic]

6.47 is only marginally lower than what I was drafting when I was buying a house back in April. My realtor called me on accident this week and let me know. TBH, I don't think they are gonna cut until after the election.

[MikeTesa]

Flood the market with cheap money like they did then the investors buy it all up and hold it hostage to the purchaser at high prices

[michellestevens]

Air BnB is too expensive. The service and cleaning fees make them too expensive. There is also the issue of not receiving support when from the company when things are unsafe or misrepresented. The customer service is atrocious. It is real crapshoot on whether you will get a decent rental.

[youwillneverknow]

Nothing has changed. Home prices are still completely unaffordable. It's not even possible for the average person to buy a home even if they were to buy something in the ghettos and we're running out of suckers with money.

[NovaDoll]

The only thing they are building in my area is luxury apartments. They are building them like crazy in LA and Orange County. Why couldn't these be condos?

[Joce]

Tampa Florida you could get a 1 level 3 bedroom 1 bathroom house for a $159, 000 in the first part of July and now the. cheapest house on the market is $220k for the same kind of house same neighborhood.

[Kholoured]

Love the song, Kristina's got the news!! Love it!!

[Joce]

Comparing numbers from 2019 to 2024 is too wide of a spread... I want to see a comparison between 2023 and 2024.

[jonathanjacques]

Prices aren't dropping in Ca., Keeps rising.