Real Estate Update: Mortgage Rates and Economic Indicators to Watch - April 19, 2023
Published | Posted by Dan Price
Are you planning to buy or sell a home in the near future? If so, it's essential to stay up-to-date with the latest real estate trends and market conditions. Here are some recent developments that you should be aware of:
According to the Mortgage Bankers Association, fixed 30-year mortgage lending rates for 80% loan-to-value mortgages increased from 6.30% to 6.43% in the past week. As a result of this increase, there was an 8.8% decrease in the number of new applications for mortgages backed by the MBA during the reported week. This is the largest week-over-week drop in mortgage applications since February 22, 2023.
Furthermore, as of this morning, the 10 Year Treasury is trading at 3.623%, which is an increase of 0.046 from its previous value. At the same time, the 30-year UMBS 6.0 is currently at 101.23, which is a decrease of 0.17 from its previous value. This is the lowest value for the 30-year UMBS 6.0 in the past month. All these developments point to higher rates.
Next week will be a critical week for the real estate market. On Tuesday, April 25, 2023, the House Price Index will be released. This index tracks changes in home prices across the country and is an important indicator of the overall health of the real estate market. On Thursday, April 27, 2023, both the Personal Consumption Expenditure (PCE) Prices and Gross Domestic Product (GDP) will be released. PCE measures the change in the price of goods and services purchased by households, while GDP measures the total value of goods and services produced in the country. Both of these economic indicators can affect the real estate market and interest rates.
To stay informed about these developments and more, visit our website at teamprice.com. Our team of experienced real estate professionals can help you navigate the current market conditions and find the right home or buyer for your needs. Contact us today to learn more.
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