“In light of the rising COVID-19 caseloads globally, U.S. Treasury yields stopped moving up a month ago and have remained within a narrow range as the market digests incoming economic data,” says Sam Khater, Freddie Mac’s chief economist. “The good news is that with rates under 3%, refinancing continues to be attractive for many borrowers who financed before 2020. But for eager buyers, especially first-time home buyers, inventory continues to be extremely tight, and competition for available homes to purchase remains high.”
The National Association of REALTORS® estimates mortgage rates to average 3.2% by the end of the year.
Freddie Mac reports the following national averages with mortgage rates for the week ending April 29:
- 30-year fixed-rate mortgages: averaged 2.98%, with an average 0.7 point, rising slightly from last week’s 2.97% average. Last year at this time, 30-year rates averaged 3.23%.
- 15-year fixed-rate mortgages: averaged 2.31%, with an average 0.7 point, increasing from last week’s 2.29% average. A year ago, 15-year rates averaged 2.77%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.64%, with an average 0.3 point, dropping from last week’s 2.83% average. A year ago, 5-year ARMs averaged 3.14%.
Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining a mortgage
🍀 Here in Southwest Florida 🌴 especially as people continue to move and relocate to the area from other parts of the United States, inventory remains low overall, but we do continue to list and market new properties to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Regular Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to waterfront high rise right on the beach.
We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds. Previously we had Snowbirds; interesting how terminology keeps changing.
Lower interest rates are probably helping with the increased sales; oftentimes over asking price. Low inventory is the greatest chalenge for buyers; but if prepared you are ahead of the game; ask how we can help. We recently got an amazing deal for a buyer on a Waterfront Condo with Boat Dock; and we are working on others; so there are deals out there; if you work with us, we will find them.
For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.
At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.
Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Freddie Mac and Hoey Team ☘ exp Realty
For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit: www.VisitCollier.Com Feel free to share this resource page with others 🌴
NOTE for Buyers and Sellers: On our Hoey Team ☘ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com ?
For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
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Best Places to Retire? 13 of the ‘Top 25’ Are in Fla ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
Email us at Barry@SWFLLuxury.Com or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at: (239)-360-5527
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