Last Friday, mortgage rates dropped to 6.19% for the 30-year fixed rate. The 15-year dropped to 5.76%. These are rates not seen for over a year. Definitely very good news for buyers. And mortgage applications reacted strongly – just one problem –…
Before we begin this week’s story, let’s take a quick look at September’s listing and sales trends to see if there anything noteworthy to report. Resales Active Listings: 24,450 vs 19,643 last year – up 25% – and up 5.2% vs 23,238…
The “E” Word That Won’t Autumn has arrived. Another Phoenix summer we’ve survived.😉 Mortgage rates, which had been up and down since a high point of 7.76%, had been on the decline for almost 2 years (Nov 2023). Last week, they hit…
If you’re scratching your head wondering if you’ve missed the golden moment for super-low mortgage rates, you’re not alone. Recently, rates shot up to two-week highs just after the Fed cut its rate on September 20th. Many were expecting the opposite. But…
The Phoenix Metro residential real estate market is holding. Quiet. Calm. Sort of in a big yawn mode. But there’s an underlying tension and uneasiness that real estate professionals are feeling at this point, at least I am. The number of real…
A Perfect Storm for Buyers? Once again, thank you for my title and song Mr. Dylan. Sorry for my amendments. As I read the lyrics again on this (even now) prophetic song, I’m obviously relating it to our local real estate market,…
Yes – At Least for Now, But for How Long? Happy Labor Day! I think it should be Happy Un-Labor Day. The Old Testament Sabbath, which was Friday sundown to Saturday sundown (Shabbat), was a day of rest, as God rested from…
Where are We Now? Well, unless you’ve been hiding under a rock, or not reading Mike’s Monday Snapshot, you’re well aware of a continued Buyer’s Market the Phoenix Metro real estate market is in – as is most of the country. Phoenix…
Yet there is a Silver Lining! Mortgage Rates Near 8 Month Low At the beginning of 2025, I ventured to write the following in a guesstimate of where our Phoenix Metro residential sales market could be headed in 2025. I gave three…
Will 7% Become the New Mortgage Rate Sweet Spot? Active listings at May’s end continued increasing though much slower. Under Contract listings dropped noticeably, down 4.7% from one year ago and down 12% from last month. Sales shrunk 6.6% from one year…