Weekly Review
Newsletter - 03/27/2023

Week of March 20, 2023 in Review

The Fed hiked its benchmark Fed Funds Rate despite ongoing turbulence in the banking sector, while both new and existing home sales beat expectations last month. Don’t miss these stories and more:

  • Fed Hikes Rates Another 25 Basis Points
  • Existing Home Sales Strong Despite Media Reports
  • Signed Contracts on New Homes Rise for Third Consecutive Month
  • Jobless Claims Reflect Tight Labor Market
  • Decline in Demand for Big-Ticket Items

Fed Hikes Rates Another 25 Basis Points

The Fed hiked its benchmark Fed Funds Rate by 25 basis points at its meeting last Wednesday – the ninth hike since last March, which brings it to a range of 4.75% to 5%. The Fed Funds Rate…

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  •       Mortgage Bankers Association (MBA): “Long-term rates have already peaked. We expect that 30-year mortgage rates will end 2023 at 5.2%.”
  •                   National Association of Realtors (NAR) senior economist and director of forecasting, Nadia Evangelou: “If inflation continues to slow down—and this is what we expect for 2023—mortgage rates may stabilize below 6% in 2023.”
  •                   Freddie Mac: Forecasts the average 30-year mortgage rate to start at 6.6% in Q1 2023 and end up at 6.2% in Q4 2023.
  •                   The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily.
  •                   If rates continue to drop now, buyers could return to the housing market…

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Baby's got back(YARD) - Don't miss this stunning EAST facing home in the heart of Snoqualmie Ridge with one of the best backyards in the Ridge. This home features mountain views, wood floors throughout the the main floor, newer carpet, white millwork, new heat pump with AC and newer water heater. Chef's kitchen with double ovens, gas range, plus large pantry area. Dining room flows between the kitchen and spacious family room with gas fireplace and plenty of natural light. Upstairs find a large loft with built in Murphy bed, 2 more bedrooms, fully bath and tranquil primary retreat. Remodeled primary bathroom with custom oversized shower, tile floors, dual vanities and walk in closet. Relax and sip a cup of coffee as you take in all the nature has to…

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Check out this newly listed home for sale in Indianapolis by Susan Berry. For information, please contact Susan at 317.435.9278 or visit https://susanberry.thecascadeteam.com/21904528

6381 Stonecreek Drive - Indianapolis, IN 46268

This impeccably maintained one owner, 4 bedroom, 2 1/2 bath, updated GEM in Fieldstone is move in ready! Outside, enjoy your backyard complete with fire pit nestled in mature trees adjacent to community nature preserve with winding creek. Inside, entertain in your kitchen/family room complete with gas fireplace. A spacious living room/dining room combo is yours for more formal entertaining. A finished basement still has plenty of unfinished storage and a huge open area that can be divided to provide 2 separate living…

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Calling all sellers. Do you want a quick home sale at a higher price, even in this troubled real estate market? Then open your calendar to April, uncap a bright yellow marker, and highlight the week of April 2–9th. This seven-day stretch has been identified as the best week to list your home in 2023.

Just how much extra cash can a seller potentially pocket and how fast can a home go from a new listing to the closing table?

During the best week to list, home prices are expected to be $8,400 higher than the typical week—and a whopping $48,000 above where we estimate price to be only 30 days later during May of 2023. Real estate listings are expected to receive 16.4% more views than in the typical week.

When is the best time to sell?

And…

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Based on data compiled by Credible, mortgage rates for home purchases have fallen across all key terms since last Friday.

  • 30-year fixed mortgage rates: 5.875%, down from 6.125%, -0.250
  • 20-year fixed mortgage rates: 5.500%, down from 5.875%, -0.375
  • 15-year fixed mortgage rates: 5.250%, down from 5.490%, -0.240
  • 10-year fixed mortgage rates: 5.250%, down from 5.875%, -0.625

What this means: Mortgage rates for home purchases fell significantly for all key terms over the weekend, with 30-year rates diving below the 6% mark. Borrowers may want to lock in a 30-year rate today, ahead of likely rate fluctuations. But homebuyers who want to take advantage of interest savings may want to consider 20-year rates, which are more than a quarter…

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Based on data compiled by Credible, mortgage rates for home purchases have fallen across all terms since yesterday. 

  • 30-year fixed mortgage rates: 6.000%, down from 6.375%, -0.375
  • 20-year fixed mortgage rates: 5.750%, down from 5.875%, -0.125
  • 15-year fixed mortgage rates: 5.375%, down from 5.750%, -0.375
  • 10-year fixed mortgage rates: 5.875%, down from 6.000%, -0.125

Rates last updated on March 14, 2023. These rates are based on the assumptions shown here. Actual rates may vary. Credible, a personal finance marketplace, has 5,000+ Trustpilot reviews with an average star rating of 4.7 (out of a possible 5.0). 

What this means: Mortgage rates for home purchases fell across all repayment terms today, giving buyers…

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  •                   Mortgage Bankers Association (MBA): “Long-term rates have already peaked. We expect that 30-year mortgage rates will end 2023 at 5.2%.”
  •                   National Association of Realtors (NAR) senior economist and director of forecasting, Nadia Evangelou: “If inflation continues to slow down—and this is what we expect for 2023—mortgage rates may stabilize below 6% in 2023.”
  •                   Freddie Mac: Forecasts the average 30-year mortgage rate to start at 6.6% in Q1 2023 and end up at 6.2% in Q4 2023.
  •                   The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily.
  •                   If rates continue to drop now, buyers could return to the…

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Weekly Review
Newsletter - 03/13/2023

Week of March 6, 2023 in Review

A deeper look at labor sector data shows the job market may be weaker than the headlines suggest. Plus, the latest forecast on home price appreciation and the Fed’s vow regarding inflation:

  • Jobs Data Shows Cracks in the Labor Sector
  • Leisure and Hospitality Led the Way in Job Gains
  • Continuing Jobless Claims Match 14-Month High
  • Home Prices Still Forecasted to Appreciate This Year
  • Fed Vows to “Stay the Course” in Inflation Fight

Jobs Data Shows Cracks in the Labor Sector

The Bureau of Labor Statistics (BLS) reported that there were 311,000 jobs created in February. While this was stronger than estimates, revisions to the data from December and January…

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If you’re the type of homebuyer whose mood soars or plummets depending on the latest mortgage rates, then this week was a tough one.

Mortgage rates continued to climb this week, with the 30-year loan averaging 6.73%, Freddie Macreports. Rates began climbing more than a month ago and are now prompting concerns that they could again head back above 7%. This means today’s homebuyers will have to pay almost 50% more per month for home than they would have just a year earlier.

Still, economists are largely forecasting rates to trend downward in 2023, even if there are some blips ahead.

For now, “rates may rise further in subsequent weeks, depending on how strong other economic data is,” says Nadia Evangelou, senior economist and director of real…

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