Luxe Austin Homes - rates

"Mortgage Buydowns Are Making a Comeback"

Realtor.com writes, "Carley Chase found her dream home in Chandler, Ariz., this summer: a three-bedroom ranch, close to work, with a pool and a backyard lined with palm trees.

Soaring interest rates threatened to put it out of reach. Her lender suggested a temporary buydown that would lower her mortgage payment for the first three years.

“I don’t think I would have been able to afford it without the buydown,” Ms. Chase said.

Rising borrowing costs have dramatically increased the cost of buying a home this year, reviving interest in mortgage products like temporary buydowns that fell out of favor after the 2008 financial crisis.

Temporary buydowns offer steep but short-term savings on mortgage rates. Borrowers get a much lower rate in the…

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'Home Prices Just Hit a Turning Point After Nearly a Year, but Will Buyers Miss It Amid the Holidays?'

Realtor.com writes, "while many homebuyers might be taking a break from their house hunt to indulge in some eggnog and holiday cheer, the few stalwart home shoppers still out there right now have a fantastic opportunity on their hands.

Want proof? Home price growth fell to 9.5% for the week ending Dec. 10, down from 10.3% for the week ending Dec. 3. And that shift to single-digit growth is significant.

“This slowdown marks the first time in 49 weeks, nearly one year, that median home prices have advanced at a single-digit pace,” explains Realtor.com® Chief Economist Danielle Hale in her weekly analysis.

And it’s not just home price growth dropping as 2022 comes to a close: Mortgage interest rates also dipped for the fifth week in a row.

So…

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Finally, Mortgage Rates and Home Prices Favor Buyers—but How Long Will This Last?

Realtor.com writes, "Christmas has arrived early for America’s homebuyers! And it’s not just one gift, but two that should make them giddy.

Gift No. 1: lower mortgage rates, which have been falling for the past four weeks.

“Housing data in the week that followed the Thanksgiving holiday showed that the recent dip in mortgage rates may already be having an impact,” explains Realtor.com® Chief Economist Danielle Hale in her weekly analysis.

Gift No. 2: Home price growth “slowed notably” for the week ending Dec. 3, according to Hale.

We unwrap the latest real estate statistics and what they mean for homebuyers and sellers in our weekly column “How’s the Housing Market This Week?”

Mortgage rates dipped again

Not too long ago, it had…

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"Fewer sales, moderate price growth: Here's what Austin housing market could look like in 2023"

Austin Business Journal writes, "after a wild couple of years, the Austin-area housing market could be in store for a relatively modest 2023.

Realtor.com predicted that the volume of local home sales will actually fall 6.6% next year, compared with 2022, while prices will grow 3%.

Ashley Jackson, president-elect of the Austin Board of Realtors, said there's hope that more moderate adjustments are a sign of Austin's return to a normal, seasonal market — as opposed to the dramatics seen in 2021 and part of 2022, when Austin became one of the top pandemic relocation destinations.

Median home sale price in the Austin metro peaked at a record $550,000 in April and May, but had fallen to $474,990 by October, according to ABOR data. Winter is…

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"Mortgage Rates Dip Further—So Why Are Home Prices Still So High? The ‘Sticky’ Problem, Explained"

Realtor.com writes, "with Thanksgiving behind us and much Christmas merriment ahead, one might presume that home shoppers have shelved their house hunt until the new year. But no, the housing market is as hopping as ever—and even full of surprises of late.

“Housing data in the week that includes the Thanksgiving holiday show that the housing market continues to evolve, but not always as expected,” explains Realtor.com® Chief Economist Danielle Hale in her weekly analysis.

In our column “How’s the Housing Market This Week?” we’ll break down what’s happening with the latest real estate statistics, and what it means for homebuyers and sellers.

Home price growth ticked up

In November, home prices hovered at a national median of $417,000,…

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"Home Prices Fall and Listings Soar: Could It Be a Great Time To Buy Despite High Mortgage Rates?"

Realtor.com writes, "as the housing market barrels toward the end of the year and all of its holiday trimmings, potential homebuyers are likely wondering what’s in store for the coming season.

Home shoppers looking for lower asking prices can officially check that off their wish list. November’s median home list price of $417,000 was much more wallet-friendly than June’s record high of $449,000, according to a recent report from Realtor.com®.

Yet the volatile real estate landscape is not quite ready to bring only glad tidings. High mortgage rates—which, as of Wednesday, hover at 6.58% for a 30-year fixed-rate loan—are a stark reminder that many buyers might still struggle on the affordability front.

“Even though prices are down month to…

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"Will Plunging Mortgage Rates Spark a New Homebuying Rush? Here’s What the Latest Housing Statistics Say"

While mortgage rates are rarely great conversation fodder over Thanksgiving dinner, this Thanksgiving is a whole different story. If there’s a homebuyer or seller at your table, you can bet your good gravy the topic will pop up.

After all, mortgage rates have more than doubled throughout 2022, blasting past the 7% threshold and hitting a 20-year high in late October.

Yet in the past two weeks, there’s been an astonishing reprieve.

We’ll take a look at the latest statistics that have made the American dream of homebuying such a roller-coaster ride this year in our column “How’s the Housing Market This Week?” And lo and behold, the overall message this Thanksgiving week is actually good news.

Mortgage rates fell again

The headliner is…

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"Report shows Southwest Austin home prices up, number of sales down for October"

The latest Austin Board of Realtors report shows prices in the Southwest Austin housing market continue to increase while the number of sales continues to decrease.

Although the Austin housing market continues to show signs of stabilization, with fewer sales and more available inventory in the markets, prices continue to be higher compared to last year, according to the October ABoR report.

“Austin’s housing market is still growing, just at a different pace,” ABoR President Cord Shiflet said in a press release. “We’re entering the time of year that is historically a quieter time for home sales. With more available inventory than our area has seen in a decade and price growth stabilizing, buyers have more options today than ever before. Now is the time for…

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"Fed Says: Don't Get Too Excited About Rates Just Yet"

There's no question that last week was an exciting one for rates. On Wednesday, the average 30yr fixed was fairly close to the highest levels since 2002. The following afternoon, it had fallen more than half a percent to the lowest level in nearly 2 months--the biggest single day drop on record.  

While rates are still very high relative to anything but the past 8 weeks, it was a promising step in the right direction.  It raised hopes for a bigger picture shift after the fastest rate spike in 40 years.  

As the new week got underway, rates managed to hold onto their newfound gains relatively well and with minimal volatility on average.  Things may have been better were it not for a concerted effort on the part of the Fed to remind the market not…

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"Mortgage Rates Just Tumbled—but Here’s Why That’s Still Bad for the Housing Market"

Realtor.com writes, "mortgage rates have skyrocketed this year, scaring many would-be homebuyers and sellers out of the market.

But even when rates seesaw lower, as they did this week, it still takes a toll on the housing market.

Why? Because when financial conditions are so erratic and unsettled, many would rather wait it out.

“Today’s homebuyers and sellers are dealing not just with higher housing costs, but more uncertainty as a result of fluctuating mortgage rates,” Realtor.com® Chief Economist Danielle Hale says in her weekly analysis. “The uncertainty is leading to hesitation.”

We explore the ramifications of when borrowing costs zigzag all over the place, keeping both homebuyers and sellers on edge, in our column “How’s the Housing…

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