Mortgage Rates Hit Unprecedented Drop |1-Minute Market Update w/ Martin Perdomo

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What if I told you that the largest plunge in mortgage rates in a year just happened? What does this mean for you, whether you're a homebuyer, a homeowner, or simply a concerned citizen? This episode brings you up-to-date with the latest twists and turns in the real estate market. We discuss the current housing market data, including the 3% rise in mortgage purchase applications from last week and the unexpected 20% drop from last year. We also shine a spotlight on the current home sales scenario, revealing a significant 3.7% increase in the median home sales price from last year, partly due to elevated mortgage rates.

Things get even more intriguing with a discussion on the stabilizing interest rates, as reported by CNN - the most significant one-week drop since last November. Discover the implications of falling rates on the economy, and the necessity of maintaining market stability. Gain fresh perspectives on how businesses, business owners, and families can strategically plan based on the current interest rates. This episode is packed full of real estate revelations that'll keep you informed and ready to navigate the market. Make sure to join us next week for more!

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Episode Transcript

Speaker 1 (00:00):
Mortgage rates plunge by the largest amount in a year
.
Find out more in this week'sweekly real estate market update
.
But before that, here's thisweek's housing market data.
Mortgage purchase applicationsare up 3% from a week earlier
and down 20% from a year earlier.
Google searches for homes forsale are down 7% from a month

(00:22):
earlier and down 21% from a yearearlier.
Median home sales price was$368,500, up 3.7% from a year
earlier the biggest increase ina year.
Prices are up partly because ofelevated mortgage rates.
We're hampering prices.
During this time last year, themedian asking price of newly

(00:46):
listed homes was $379,725, up4.9% from a year earlier the
biggest increase in a year.
The monthly mortgage payment onthe median asking price was
$2,732 at a 7.76% mortgage rate$8 shy of the all-time high set

(01:09):
two weeks ago.
Pending home sales were down 9%year over year.
New listings of homes for saleare up 1.5% year over year the
second year over year increasesince July of 2022.
The increase is partly becauseof new listings were falling at
this time last year.

(01:29):
Active listings dropped 9.4%from a year earlier the smallest
decline since July, at theirhighest level since the start of
2023.
36.8% of homes that went undercontract had an accepted offer
within the first two weeks onthe market.
Homes that sold were on themarket for a median of 34 days

(01:53):
and 29% of homes sold abovetheir final list price.
The best news here is thatinterest rates are stabilizing
and they're coming down.
This is good stuff and reportedby CNN.
Business mortgage rates tumblethis week in the biggest
one-week drop since lastNovember.
It's the second straight weekthat rates have fallen, after

(02:15):
rising for seven consecutiveweeks.
The 30-year fixed mortgage fellto an average of 7.5% in this
week's ending November 9, downfrom 7.76 the week before.
According to data from FreddieMac that they released on
Thursday A year ago, the average30-year fixed rate reached

(02:37):
7.08% Its highest level in 2022.
As treasury yields declined,the 30-year fixed mortgage rate
dropped a quarter of a percent.
Thank goodness for that thelargest one-week decrease since
last November, said Sam Qatar,freddie Mac's chief economist.
Now many in the business spaceand many economists think that

(03:02):
it's not good that the ratesstart dropping again Now.
I agree partly with that.
I don't agree that the ratesshould go back down to zero
nearly zero, what they were twoyears ago but I think stability
in the market is good in thecapital markets.
I mean, even if they're goingto stay here, let's stay here

(03:23):
and let's level out sobusinesses, business owners,
families can plan out.
Now that we know what theinterest rates are going to be,
we can forecast and we canstrategically make our financial
moves accordingly.
And this has been your weeklyReal Estate Market Update.
I'll see you guys next week,peace.