Great News for interest rates! Starting the day off with a Mini Rally.
With this chart Bars going up mean rates improving!
Below is more info:
Strong New Home Sales
Builders are successfully selling more newly built houses than expected, which shows that plenty of people are still eager to buy. This is a sign that overall demand remains healthy, even with higher interest rates.
Job Growth Supports Buyers
The latest jobs report from ADP showed more people finding work, especially in areas like restaurants and hotels. When more people have steady paychecks, they’re often more confident about buying a home.
Low Home Inventory Keeps Prices Steady
There aren’t a lot of existing homes on the market, which means sellers are often in a good position. With fewer houses for sale overall, prices generally stay firm instead of dropping too fast.
Mortgage Rates Near 7%
While higher rates can make monthly payments bigger, many buyers are still stepping up to purchase. Some experts believe that if inflation cools off, mortgage rates could level out or even go lower in the future.
Builders Planning for the Future
Even though not all newly planned houses are finished yet, the fact that builders are getting homes started is a good sign for the long run. As they complete more projects, buyers will have more choices.
Bottom Line: Thanks to a growing job market and steady sales of new homes, the housing picture remains encouraging. Although mortgages cost more right now, there’s optimism that if rates ease in the coming months, even more people will be ready and able to buy.
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