As kids head back to school, it's an ideal time to examine local real estate values within each school district. School quality plays a crucial role in home buying decisions, often driving up demand and property prices in top-rated districts.
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Since reaching a high of 7.52% in April, the average 30-year fixed mortgage rate has continued to drop. Today’s rate is a new 52-week low, at 6.27%.
Source: Mortgage News Daily
> The rate you may be eligible for can vary greatly from the daily average published via Mortgage News Daily. I use this figure as a proxy for how the mortgage market is shifting.
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A recent Redfin article delved into the "mortgage rate lock-in effect”, where homeowners are reluctant to sell their homes due to their advantageous low mortgage rates - which is intensifying the housing shortage. As we mentioned in July, 86% of mortgages have an interest rate below 6%, but that has been gradually decreasing over the past two years (93% in 2022, 91% in 2023, 86% this year).
Current percentage of mortgages with:
Rates Below 6%: 85.7% (down from 92.8% in 2022)
Rates Below 5%: 76.1% (down from 85.6% in 2022)
Rates Below 4%: 57.4% (down from 65.3% in 2022)
Rates Below 3%: 22% (down from 24.7% in 2022)
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