Realtors: Mortgage rates just flipped the housing market
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Thank you Brandon for keeping us up to date consistently. Have a great week!
I think every mortgage rate video you release the world-class economists jump into your comment section to give their 2 cents. It’s kinda funny honestly.
True!
Obviously real estate is extremely regional, but on Long Island the savings on rates are being negated by the extra demand ( already high) sending home prices higher.
Lower rates always result in higher demand. The lower costs to developers, however, will translate to more construction which increases supply that brings home prices down. It’s a slow process though, obviously. Houses take time to build. Right now, we still have very high demand and not enough new construction. Democrats wrecked the economy with Covid lockdowns that we still haven’t recovered from.
Steve, what is the delta required between the homeowners current mortgage rate, and the available mortgage rate to create a heavy demand for refi’s?
5
It’s their right now. The challenge is people think it will get even better so they are waiting for a 5 to 5.5%
$278 a month is not moving the needle
They are trying to create excitement to give the housing market one more chest compression..
The last time we heard about rate cuts and how affordable it made single family we just saw those same houses increase prices by that same amount. I don’t think smart buyers are thinking they can afford more house, specially with the low inventory.
Lower rates increases building which increases supply, helps with affordability
They lowered rates last time and did nothing to supply but increase demand. I’m arguing that lower interest doesn’t mean more house… We saw them lower interest rate to 3% and houses jump 10-30%. No one was getting “more house”, if anything you paid more. They need to stop playing with rates after inflation and let the market move in its own.
@@RedRobbinable thats not accurate. Look at rates and new construction data
supply has been ticking up again. New construction is also ticking up. I’m waiting. I will not pay these ridiculous prices. I “may consider it” IF interest rates were 3% again, otherwise, hell no. The nominal price matters the most to me.
Ain’t nothing moving, unless there’s a $600-$800 mortgage payment difference between nonconforming and conforming mortgages.
Mortgage rates don’t matter if no one has money
Or you are priced completely out of the market.
😂😂
Ding Ding Ding!!
Property taxes, insurance and maintenance expenses increase yearly….Sometimes, leasing isn’t the worst idea.
5% or less and I’ll jump in
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Don’t forget to mention that you refinancing them to another 30years ( fixed or adj) so essentially they lost a year worth of interest payments… as well as any principal contribution they made was wiped out by closing costs. So essentially you refinancing them to a negligibly lower rate just to reduce PMI and generate closing costs but this is minor detail 😂
Rate drop = Stock Market drop = Recession = Increased Loan Defaults = Lower Car and Housing Prices = Don’t buy a house right now
Home. Prices. Are. Too. High. !!! It doesn’t matter what the interest rate is. You will overpay. You will be underwater within 6 months.
I used to have a lot of respect for real estate agents. Now, they are no different than used car salesmen.
If someone is telling you to buy! buy! buy! now! now! now!, it’s almost always a real estate agent or investor. They have a vested interest in you buying now.
The average income in the US cannot support or afford these prices. The only people buying are the uber rich or the financially irresponsible.
The housing market is about to be worse than the great depression, people who over paid by thousands in stupid bidding wars are now being laid off, they can lower interest rates to 1% and it won’t help because the days of paying 450k for a home that’s worth 165k tops is over, the same with automobiles, the profit party is over, welcome to the real world
Nope, still not going to buy again until the nominal prices come back down to reality, and reality is at LEAST down to 2020 values I’ll wait to upgrade. Or, eventually I’ll retire in a less expensive state. Patience is a virtue.
There is NOTHING on the WEST coast that is cheaper than $400,000 for a STARTER home….unsustainable. Ridiculous. The other thing these dudes aren’t taking into consideration is that WAGES are not increasing as fast as gas prices, food prices, insurance, utilities…and then you add in a mortgage payment of $3,000 per month? Naw, the cure for high prices is high prices. Top was mid June 2022 imo. I’m waiting.