Economic Update – Monday, July 12, 2021
Back by demand is the economic update to help you stay informed and in the norm. Unfortunately, we are getting started on Tuesday, in part because last week was a relatively slow week for news. There will likely be an update on Haiti next week, which is one of the oldest Western Democracy as well as an update on the cost of living, which continues to rise.
Below 3% Mortage Rates
As bond markets responded to the possibility that the Federal Reserve might raise rates sooner than expected, benchmark mortgage rates fell below 3% once more.?Freddie Mac reports that the average 30-year fixed-rate mortgage was 2.90%, which is nine basis points lower than the previous week.?This is the first time that the benchmark rate has fallen below 3 percent since May.?In the meantime, the average 15-year fixed-rate mortgage rose 10 basis points, to 2.2%.?The average 5-year Treasury-indexed adjustable-rate mortgage was 2.52%, an increase of one basis point over the week before.?The direction of long-term bond yields and the 10-year Treasury note (1.293%) are the main influences for mortgage rates.? The Federal Reserve and central bank policymakers indicated that they may raise interest rates sooner than expected in light of rising inflation during the pandemic recovery period.?These announcements led to long-term bond yields moving higher over the past week.?However, a rise in rates would be a bad thing for both buyers and homeowners.?Zillow’s recent survey found that only 22% of homeowners refinanced their mortgages in the last year. This despite the fact they save at least $300 per month for those who choose to refinance.?Rising interest rates pose significant challenges for home buyers.?The median home price has reached an all-time high as the prices of homes continue to rise at an alarming rate.?Combining rising rates with rising prices could drive many Americans out of the real estate, prolonging the recent downturn in home sales.
$600,000 Horror House Is Getting Multiple Offers
What is the market doing right now? It’s crazy! This nightmare listing looks like a bargain, even though it is covered in graffiti and smells like death warmed.?This house is described by the Realtor as “a“A little bit of hell?Many listings for homes for sale are known for describing dark, cramped spaces.CozyThis Colorado Springs agent did not gloss over any inconvenient facts about a property in her listing of a “for sale” for $600,000.Once majestic“Five-bedroom home available now every landlord’s worst nightmare smells like “There’s a corpse in there Mimi Foster, an agent at Falcon Property Company in Colorado, says “Yes,”.?Her open listing, which describes the horrors of this house in detail, has been viral since last week.?Foster also received multiple offers, many in cash and well above the asking price of $592,500.”This is chaos.?It’s almost like entering a crime scene”?”Do not place your back deck on the freezer.?Do not open the freezer in the basement. The ominous sign warns that it is coming.?What happened to this house?? After living there for 10 years, a woman stopped paying rent and was forced to move out in 2019.?She was allowed to return and pack up her belongings, but she trashed the house.?”Also, you will notice that every surface in the house has been painted black or enhanced by a swinging Hammer. Foster’s post reads “?It’s not the worst.?It’s a disgusting place.?The basement freezer is full of rancid meat and has not had electricity for more than a year.?”Wear your mask.?For your protection only, and not for others.?If you don’t, you may not be capable of enduring the smell. The listing warns.?This Colorado Springs horror house is still a bargain for investors who are looking for housing inventory.?She explains that Colorado Springs has between 2,500 and 3,500 homes for sale in a normal market. However, there are only 400 homes on the market as of Thursday.?The back deck has a walkout that leads to the backyard. Not necessarily an integral part of the house“
Wild Real Estate Market in Austin
WE BUY MOBILE HOMES & WE BUY HOMES
We hope you enjoyed getting caught up and as always if you are looking for honest advice on a mobile home or traditional home, give us a call. We always have time to help others and provide the best solution. If you are looking to potentially sell a home as-is or sale your mobile home cash, we hope you’d consider us.