Well, well, well…here we are already in DECEMBER! I am truly boggled as to how the holidays and the end of 2023 is among us already.
Not only am I excited for holiday lights (see below for a list of to check out) parades, hot cider and of course SANTA (!) but I’m equally excited for what is happening this week in the mortgage market. Let’s dive right in and take a look at what’s going on!
Remember, every buyer and seller’s situation is different and personal. Is it the right time for you to buy or list your property? Give me a call and let’s assess together. I will provide you accurate and relevant data so you can make the most informed decision possible.
Real Estate News and Market Trends
November numbers are in. Here’s the scoop:
The mortgage market just had its strongest week in months and I cannot begin to explain how happy this makes me for my buyers AND sellers.
Falling mortgage rates brought increased demand as well. Total home loan applications increased 2.8% for the week ending Dec. 1 compared to the previous week, according to data from the Mortgage Bankers Association (MBA).
Slower inflation, along with the confidence financial markets have that we are nearing the end of the Fed’s hiking cycle, has brought mortgage rates to the lowest level since early August.
Now all we can do is hope that we continue to move in this direction!
Other big news is the new loan limits for 2024. In San Diego County, the Conventional limit is up to $766,550 and the high loan limit is up to $1,006,250. Most lenders begin using these new limits right away.
NOTE: There are two slides. One is for detached homes in North county, SD and the other is for attached (condos and townhomes). If you would like specific cities or zip codes reach out to me for a more tailored synopsis.
Mortgage Rate Update:
The holiday season is delivering early gifts to would-be buyers. Having climbed relentlessly for most of 2023, from just below 6% to just over 8% in October/November, average 30 year mortgage rates have plummeted in recent weeks to mid 6’s. Woohoo! Furthermore, with inflation continuing to trend lower, the markets are increasingly convinced that the Fed it’s done hiking rates and could start CUTTING rates in the first half of 2024.
It’s beginning to look a lot like Christmas. 🙂
FUN FACT: Interest rates reached their highest point in modern history in October 1981 when they peaked at 18.63%!
*No points purchased. Rates are based on 30 year fixed with excellent credit score and 20% down. This is just an estimate. Rates may vary.
If you would like to know your market value
or find out if it is a good time for you to sell or buy, I am here. Reach out and let’s get started!
Windermere Real Estate
DRE Lic. #01939667