real estate

30-year mortgage rates drop from 6.6% to 6.42% after the second straight week of decline

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Per ABC NewsThe 30-year mortgage rates dropped from 6.6% to 6.42% after its second consecutive week of decline. These changes could positively affect homebuyers as the spring buying season is scheduled to start.A year ago, the average rate for 30-year mortgages was at 4.42%, exactly 2% higher than the new rates as of press time. Freddie Mac's chief economist, Sam Khater, gave a statement on how the news could help improve the real estate market conditions.Khater: “On the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices... If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.”US home sales dropped by 17.8% from 2021 to 2022, which was the weakest year for home sales since 2014. This also resulted in the biggest annual decline since 2008, during the housing crisis.The highest 30-year mortgage reached was 7.08%, the highest it has seen in two decades, as the Feds were trying to deal with the four-decade high inflation. The 10-year mortgage rates dropped to 3.47%, while the 15-year mortgage rates dropped to 5.68% last week.In September 2022, the starter home in New York City dropped to 9% over the last three years. This resulted in costs increasing from $400k to $800k. The median square footage for Manhattan homes reached just 86 square feet in August, equivalent to 4 and 1/2 parking spaces.By November 2022, the demand for mortgages has dropped to its lowest in 25 years, down by 42% year-over-year in October. Applications reached the lowest level ever since 1997, with the housing situation expected to get worse in 2023.During that time, 30-year fixed mortgage rates reached 7.16%, the highest since 2001.See flow at unusualwhales.com/flow.Other News:NYC Starter Homes have Shrunk 9% Over the Last 3 Years with Costs Jumping from $400K to $800KMortgage demand has dropped to its lowest in 25 yearsResources:Abc News

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