Mortgage Rates Hit Unprecedented Drop |1-Minute Market Update w/ Martin Perdomo
What if I told you that the largest plunge in mortgage rates in a year just happened? What does this mean for you, whether you're a homebuyer, a homeowner, or simply a concerned citizen? This episode brings you up-to-date with the latest twists and turns in the real estate market. We discuss the current housing market data, including the 3% rise in mortgage purchase applications from last week and the unexpected 20% drop from last year. We also shine a spotlight on the current home sales scenario, revealing a significant 3.7% increase in the median home sales price from last year, partly due to elevated mortgage rates.
Things get even more intriguing with a discussion on the stabilizing interest rates, as reported by CNN - the most significant one-week drop since last November. Discover the implications of falling rates on the economy, and the necessity of maintaining market stability. Gain fresh perspectives on how businesses, business owners, and families can strategically plan based on the current interest rates. This episode is packed full of real estate revelations that'll keep you informed and ready to navigate the market. Make sure to join us next week for more!
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