Posts with tag 'Mortgage'
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Bend Oregon Real Estate | August 2024 Trends
Are Lower Mortgage Interest Rates Spurring Bend Real Estate Sales?
Mortgage interest rates have come down to their lowest rate in a year with the 30 year mortgage now at 6.35%. This has made a difference in both the buying and selling side of Bend home sales with buyers now being able to afford more than they could just a few months ago and sellers, who have been sitting on the fence on whether or not they wanted to give up their great mortgage rate for a new, higher one on a different home, feeling comfortable enough to at last list their home. We are seeing more listings...
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How the Federal Reserve's Next Move Could Impact the Housing Market
Now that it's September, all eyes are on the Federal Reserve (the Fed). The overwhelming expectation is that they'll cut the Federal Funds Rate at their upcoming meeting, driven primarily by recent signs that inflation is cooling, and the job market is slowing down. Mark Zandi, Chief Economist at Moody's Analytics, said:
"They're ready to cut, just as long as we don't get an inflation surprise between now and September, which we won't."
But what...
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Are We Heading into a Balanced Market?
If you've been keeping an eye on the housing market over the past couple of years, you know sellers have had the upper hand. But is that going to shift now that inventory is growing? Here's a breakdown of what you need to know.
What Is a Balanced Market?
A balanced market is generally defined as a market with about a five-to-seven-month supply of homes available for sale. In this type of market, neither buyers nor sellers have a clear advantage. Prices tend to stabilize, and there's a healthier number of
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What Mortgage Rate Are You Waiting For?
You won't find anyone who's going to argue that mortgage rates have had a big impact on housing affordability over the past couple of years. But there is hope on the horizon. Rates have actually started to come down. And, recently they hit the lowest point we've seen in 2024, according to Freddie Mac (see graph below):
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Is Bend Home Affordability Starting To Improve?
Over the past couple of years, a lot of people have had a hard time buying a Bend home. And while affordability is still tight, there are signs it's getting a little better and might keep improving throughout the rest of the year. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
"Housing affordability is improving ever so modestly, but it is moving in the right direction."
Here's a look at the latest data on the three biggest factors affecting home affordability: mortgage rates,
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