Mortgage Rates Fall to nearly a 6-month LOW

BIG NEWS! Average 30-year fixed mortgage rates fell to nearly a 6-month LOW on July 15, 2024 and have been decreasing for the majority of July after better than expected inflation data came in as well as signs the labor market may be cooling.

In today’s video, I’ll explain how this is impacting homebuyers and when the Federal Reserve is expected to start cutting interest rates this year. I also have an update regarding U.S. pending home sales (i.e. a future indicator of closed home sales in the coming months).

Thank you for watching the video! I appreciate you. Please like, share this video and subscribe!

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Compilation of Housing Market Forecast videos:

Sources of the Reports I Shared in Today’s Video:

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30 yr fixed rate mortgage is around 6.8% for the current mortgage rates (at the time of filming this video for those with excellent credit).

Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?

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Jason Walter, CPA (inactive CPA lic 103885)
Sacramento real estate agent and native (DRE 01923240)
Mortgage Loan Officer, NMLS 2566691
Revest Homes (DRE 02174879, NMLS 2362319)

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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.

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For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Equal housing lender.

#mortgage #realestate #housingmarket

[JasonWalter]

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Compilation of Housing Market Forecast videos:

[letsgobrandon]

Builders are offering 5% interest rates and demand is at an all time low. Its not the rates that are the issues its the super high pricing.

[brucemorales]

Thanks Jason. Home prices matter most. The assumption that one can buy "a 400, 000+ home" is mute because the home is a $300, 000 home that now is priced at $400, 000. It would be correct if prices made historical sense, not the case right now...

[denizk]

It's sick how we look at what we can afford as opposed to what is the value of what we are buying!

[anniealexander]

It's dumb to buy right now. I don't care if it's 0%. My buddy has a 2.1. He has gone through his 401k, got a roommate to help him pay the mortgage, took out a second mortgage to pay off debt, and now moved his mom in and going through the money she got selling her home. He will eventually fold.

[raymond_sycamore]

Now show real borrowers rates. Not perfect credit, etc, the real borrower for an "affordable" existing house, like the one I have listed. I worry the housing fad is over. Market is completely dead!

[ahealthyyouwithdoctornew]

The prices are being reduced, but not enough for affordability to match buyers who are interested. The rate is very important. However, if that was the most important factor, incentives and rate buy downs would spark more sales.

[RedGottie]

Anyone who wants the FED to cut rates wants prices to stay high.

[calboy]

still way out of range of 4-5% that most people can afford

[robertjones]

I have been in favor of a recession instead of hyperinflation.
With the Fed leaning towards rate cuts and firing up the printing machines it looks like it may be hyperinflation. Bummer...

[Steverz]

By my Dumb math….ITS TIME TO GET NERDY!😂Good morning spreadsheet king Jason👍

[xxmqoly]

If interest rate drops, house price is going off the roof. I don’t see a house crash like people hope for. Demand will go up and people will over bid for a good house and great school district

[firstlast]

Houses too high regardless and property taxes too high that won’t come down when price drops

[renelopez]

In regards to housing demand.
I think we will see minimal buyer demand as pricing still remains an issue.
However, there is a large group of investors and individual buyers waiting on the sideline for a bargain.

Time will tell

[wreckim]

IMO, this stuff is poetry. And if you've been watching this channel for years now, as I have, this poem means that if you've been hunting for a home for a while now, find that seller that panicking a bit, and let your realtor know to get you something....the rates are dropping, and you can lock in for likely a bit lower than this even. If rates really drop, refi. If not, you've got a pretty good rate....and the seller gave you a good deal. The key is, your realtor finding that deal. Thanks again Jason....awesome, as always. Love your channel. Everything is backed up by numbers...not BS.

[AJourneyOfYourSoul]

The market in my neighborhood is definitely a lot different right now compared to what has been happening in the past.

More inventory, activity is definitely slowing, but even though the number of sold houses is less, the houses that are selling, most are all going for over asking.

There was 5 sold sfh houses this week in my zipcode, and all of them went for over asking.

It seems the people with money are all fighting over the same top houses that are in the best condition.

The bottom tier junk is selling to flippers and the middle/fair condition are sitting since the sellers aren’t reducing prices.

The housing market is still for the top 10-15%, and unless sellers get into a forced selling situation, I don’t think that is going to change any time soon.

The fed will probably start reducing rates later this year and that will be that.

Very interesting 3 years it has been.

[scottsnyder]

Home sales may rise a little with rates at 6.9%. But homes are still largely unaffordable for first-time buyers.

[renelopez]

Good morning...
A little closer to 100k subscribers.
🎉🎉🎉🎉

[Pragmatistst]

Man, we don't care about the rates. The rates are fine. Interest rates like they were in the late 20-teens thru 2022 were not the rule. We will never see those rates unless the economy goes belly up. Stop trying to sell the rate nonsense. With all due respect, you sound like a cheerleading realtor (salesman). There are no houses that are "priced right" and rates are not too high.

[theRetainer]

Unfortunately, the issue aren't so much the high interest rates when buying a home. The main issue are the high prices which mean MUCH higher property taxes and insurance that ppl cannot afford. However, this takes YEARS to unfold because once the person buys the home, they will probably be able to pay for the carrying costs until they can't anymore because both property taxes and insurance have more than doubled in the past 2-3 years. If there is a recession, hold on to your hats boys and girls, because the wave of foreclosures will be massive.