Mortgage Rates Below 7% Helping This EXPENSIVE Housing Market

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Mortgage rates recently reached the 6% range for the first time since August, with experts predicting further decreases due to declining inflation. The average 30-year mortgage rate dropped to 6.95%, down from 7.03% the previous week, attributed to seven consecutive weeks of rate declines. Housing economists anticipate more rate cuts in 2024, potentially bringing rates to around 6.3%. The Federal Reserve's plans to lower the federal funds target rate contribute to this outlook. However, while lower rates are expected to stimulate the housing market, shelter inflation, particularly in housing prices and rent, remains elevated, posing a challenge. Experts differ on the extent of inflation and its impact on interest rate cuts, with some calling for more significant reductions below 6% to drive housing market recovery.

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Kristina Smallhorn
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I would rather see a flood of new homes hit the market, than a flood of unemployed people

PLT

Look….no matter what the rates, the average income in America is about $50, 000. Everyone watching this Chanel can do the math. A home price of $300, 000 isn’t a home that even at 1% isn’t affordable! Many many Americans are priced out and that’s never going to improve ever again.

fireflymary

I agree with Kristina. In my opinion, the last time it was affordable was in 2022... even here in the High Desert in California, prices continue to skyrocket. Got mine late 2021 and it has been going up and with industries coming up, all they can do is go up.

bernitup

Get an attorney for money from car insurance! Don’t be naive about it because insurance companies don’t play fair.

dtagdoesnttakeagenius

wow that opening theme music sounded like jingle bells mixed with the Halloween movie theme song

farmerblue

That’s funny, because a car also hit my house too on Friday!!!! Police chase and hit my porch. Luckily no structural damage. Phew. The did knock the street sign and tore off my rain gutter.I have a heavy duty brick 🧱 porch, even the city was impressed it still standing solid.

sophieartmusic

Sue the car driver. He is still liable. Go after his homeowners insurance if he has one.

finned

Lower rates just in time for election year, not by chance !

stick

Question: Here in Tennessee I noticed that older home prices are dropping ( not by much) do you believe over all price will go down?

sharonsuiter

Here in NH, the big Corporations are also buying all the campgrounds!😈

debrachase

The government does what the big corporations want. Regulations, taxes, permits etc help the big corporations and hurt the mom and pop businesses.

Like homeowners insurance. With all the safety measures being added to house building, have our homeowners insurance gone done? No, yet the insurance companies don’t have to pay out, for safety problems that there used to be.

tammyburns

That is the BIG problem with capitalism. The market tries to keep up with the people making money on the extreme edges, and never cares for the median.

truthseekingfreethinker

Auto insurance does have policies that include property damage, do they not have that in Louisiana?

ericg

You need to do a video making your sourdough bread! I would watch it. Make it Idiot proof, I haven’t tried making it yet. 😂

PR-nrro

Hello I have a question about trying to build a small home in Georgia, we were thinking of buying a small land for under 20k then build a 1000sqft home for 140k. We spoke to someone and they said it can be done but will have to be a simple type of home. What loans or steps you think we should take to be able to do this. not sure if you will respond but I hope you do because we are so lost as a young couple.

Dlow.K