This week, mortgage rates have seen a notable decrease, a trend that's particularly relevant for Texas's housing market. The 10-year Treasury yield, a key benchmark for mortgage rates, has fallen below 4.3% for the first time since September, as reported by Freddie Mac.
The 30-year fixed mortgage rate averaged 7.22% for the week ending November 30, as per Freddie Mac's Primary Mortgage Market Survey. This represents a substantial drop from last week's 7.29%, although it's higher compared to the 6.49% recorded during the same period last year. For Texas homebuyers, these figures suggest a slightly more favorable borrowing environment.
Adding to this, HousingWire's Mortgage Rates Center revealed that Optimal Blue's average 30-year fixed rate on conventional loans was 7.1% as of Thursday. Such a rate movement indicates an increasing affordability for potential homeowners in Texas, where the housing market has been dynamic.
Freddie Mac's chief economist, Sam Khater, notes the positive trend for homebuyers, stating that the purchase application activity has recently matched mid-September levels, signaling a modest but notable increase in demand. This uptick hints at a more competitive market in Texas, already grappling with limited inventory.
Despite the Federal Reserve's ambiguity regarding future rate hikes, investor sentiment is leaning towards no rate increase at the upcoming Federal Open Markets Committee meeting on December 13. This belief is bolstered by recent economic data surpassing expectations. The CME FedWatch Tool supports this view, indicating a 95.6% probability of the Fed maintaining current rates.
Looking ahead to 2024, Bright MLS forecasts a drop in mortgage rates to around 6.5% by the second quarter. This prediction, coupled with an expected 14% increase in inventory by the end of Q2, paints a promising picture for the Texas real estate market, offering potential relief and more options for buyers.
With that said, Texas's real estate sector could see a more vibrant market in the near future, with mortgage rates trending downwards and inventory levels poised to increase, offering a window of opportunity for potential homebuyers in the state.
I hope you have found this blog post super helpful. If there is anything else we can do for you, including helping you sell (or buy) a home, I would be honored to assist. I hope you have a great day/evening.
We are so happy you found our little corner of the interwebs. We look forward to y'all reaching out to us. We love to answer questions and welcome them. Recently we created some local maps, and you can download those by clicking the image/link above. Below, you will find an index of some very helpful information to assist you in learning more about the Houston suburbs. If you are relocating to our neck of the woods, we hope you reach out to us, because we would love to help you by being your local realtor and friend. Thoughtfully written for you. Hugs, Jo.
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