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National Mortgage & Real Estate News 15 Dec 2024
On December 15, 2024, the U.S. mortgage and real estate market is expected to see the following changes:
Trends in Mortgage Rates and Market Development: Reduction of Current Mortgage Rates
The average fixed mortgage rate for 30 years has dropped from 6.69% to 6.6% for the third week. Potential homebuyers can sigh relief, especially as we enter a low-competition winter period.
People Looking To Purchase Homes Expected To Rise
The NAR estimates selling numbers to be higher than in 2025 with the 6% mortgage stabilization rate. The sale value of previously-sector-owned homes is expected to be $410,700, which is a modest increase of 2%. The availability of additional stock and the increase in the number of people relocating to metro areas are shaping the market.
Regional Market HighlightsOuter Suburbs Advancement
According to Australia’s report, outer suburbs and non-metropolitan regions are comparatively outperforming other metropolitan regions in household demand, and the time taken to sell homes is also significantly less. Two cities in Australia, Perth and Brisbane, have seen a major decline in the median selling time, indicating significant market growth after particular times.
Attraction of Myrtle Beach
Myrtle Beach, SC, is gaining traction with retirees. Between 2020 and 2023, the nation saw the maximum adult growth rate of those over 65.
The local housing market has different types of properties that appeal to a wide range of buyers.
Innovations and Industry ChallengesFrustrations in Mortgage Credit
In November, mortgage credit availability drastically dropped, with government indices dropping to the lowest since 2012. Reduced investor interest has affected the liquidity in the market.
Technological Advancements
There is a growing trend within the mortgage field of enhancing how customers are treated and supported during the lending process. Lenders are adapting new technologies that optimize business processes, lower costs, and address changing consumer needs to enhance and deliver value throughout the customer journey.
Consumer StrategiesApps for Mortgage Overpayment
Owners use Sprive and similar applications to make mortgage overpayments, likely reducing their terms and the total interest paid. These applications are linked to a bank account and offer cash back, and these savings contribute to such payments.
Market Outlook: Predictions for 2025
According to the experts, mortgage prices will stay around 6% in 2025, the new mark. These reductions would allow more buyers to enter the market after the interest rates increased previously. However, affordability will remain a barrier, especially in the more sought-out areas.
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