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        <atom:link href="https://www.ragette.com/blog/tags/mortgage-rates/rss/" rel="self" type="application/rss+xml" />
        <title>Westchester County NY Real Estate Blog</title>
        <link>https://www.ragette.com/blog/tags/mortgage-rates/</link>
        <description>Westchester County NY Real Estate Blog featuring Westchester Real Estate News, Market Trends, Community Information, and more. #blog-headings#</description>
<item>
    <guid>https://www.ragette.com/blog/fed-rates-down-mortgage-rates-up.html</guid>
    <link>https://www.ragette.com/blog/fed-rates-down-mortgage-rates-up.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Fed Rates DOWN - Mortgage Rates UP??</title>
    <description> <![CDATA[ 


Fed Rates DOWN - Mortgage Rates UP??









The day after the Fed trimmed short-term rates by 25 basis points, mortgage rates did the opposite of what many expected. The 30-year fixed rate, which had been on a steady decline since hitting 7.08 in May and dropping to 6.13 on Tuesday, suddenly reversed course climbing back up to 6.37 yesterday, reported by Mortgage News Daily. Even with the bump, rates are still hovering near their lowest levels of the year. According to the Mortgage Bankers Association:












Mortgage rates have held steady or fallen for 10 weeks.










Mortgage applications increased 6 of the last 7 weeks.










Mortgage applications jumped 29.7 last week compared to the week prior.










Refinance activity is up 70 from a year ago.












Ralph’s Take






The Fed doesn’t set long-term rates like the 30-year mortgage, but its policies do influence them. Much of the recent positivity was already priced into the bond market, which mortgage rates follow. We saw a similar pattern last year: the average 30-year fixed dipped to 6.11 before the Fed’s 50-basis-point cut, then climbed back to 7 by the end of October. Will that happen again? Hopefully not — Jerome Powell signaled more cuts are likely, though the market remains sensitive to inflation and jobless claims. Either way, improving affordability is driving an uptick in buyer demand, a positive sign for the fall market — one that could strengthen further if additional rate cuts are on the horizon.








 ]]> </description>
    <pubDate>Thu, 18 Sep 2025 08:07:00 -0400</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/post-pandemic-shift-rates-now-drive-buyer-behavior.html</guid>
    <link>https://www.ragette.com/blog/post-pandemic-shift-rates-now-drive-buyer-behavior.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Post-Pandemic Shift: Rates Now Drive Buyer Behavior</title>
    <description> <![CDATA[ 


Post-Pandemic Shift: Rates Now Drive Buyer Behavior













In recent months, mortgage rates have slipped from 7.04 in January to around 6.30, sparking renewed discussion about whether lower borrowing costs will unlock more demand. ResiClub’s 25-year analysis reveals wide swings in buyer sensitivity to mortgage rates, depending on the housing cycle.  In some periods, demographics and credit standards mattered more. In others, rates barely moved the needle. But in the current post-pandemic cycle, mortgage rates have emerged as the dominant force shaping demand.












Early 2000s (2000–2004): Falling rates fueled the housing bubble










Housing bust (2005–2009): Demand collapsed despite lower rates










Post-crash (2010–2014): No correlation, demand muted despite low rates










Recovery years (2015–2019): Weak influence from rates










Pandemic era (2020–2024): Exceptionally strong link between rates and demand












Ralph’s Take






Today’s heightened rate sensitivity means even small shifts in mortgage rates can have a significant impact on demand.  A modest drop may draw buyers back, while a sharp increase could push them out just as quickly. Case in point: when the average 30-year fixed rate hit its 2025 low of 6.26 two weeks ago, purchase applications jumped to their highest level of the year. 








 ]]> </description>
    <pubDate>Tue, 16 Sep 2025 13:58:00 -0400</pubDate>
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    <guid>https://www.ragette.com/blog/what-the-mortgage-rate-drop-means-for-homebuyers-in-westchester-county.html</guid>
    <link>https://www.ragette.com/blog/what-the-mortgage-rate-drop-means-for-homebuyers-in-westchester-county.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>What the Mortgage Rate Drop Means for Homebuyers in Westchester County</title>
    <description> <![CDATA[ 


What the Mortgage Rate Drop Means for Homebuyers in Westchester County













If the Fed cuts rates in September, it doesn’t guarantee mortgage rates will move lower. This is a conversation I’ve had with many of my clients. With a strong economy and low unemployment, mortgage rates may stay put. Yes, a Fed rate cut usually puts some downward pressure on borrowing costs, but it’s not guaranteed. Mortgage rates move more closely with bond yields, which are heavily influenced by inflation expectations and overall economic strength. If investors still see inflation risk or the labor market looks too strong, those yields (and mortgage rates) won’t budge much, even if the Fed is cutting. 






We saw this last fall, and it could happen again. On a brighter note, homes are more affordable today than they were in April. Here’s the math:










April (Median Sales Price: $950,000)












20 Down Payment: $190,000










Loan Amount: $760,000










Rate: 7.07, 30-year fixed










Mortgage Payment: $5,092
















Today (Median Sales Price: $965,000)












20 Down Payment: $193,000










Loan Amount: $772,000










Rate: 6.50, 30-year fixed










Mortgage Payment: $4,879
















Even though home prices rose by $15,000 since April, the lower mortgage rate improves affordability. A buyer today pays about $200 less per month compared to April, despite the higher purchase price - that’s an annual savings of roughly $2,400 in mortgage payments.


 







 ]]> </description>
    <pubDate>Wed, 27 Aug 2025 08:24:00 -0400</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/real-estate-heatwave-spike-in-mortgage-applications.html</guid>
    <link>https://www.ragette.com/blog/real-estate-heatwave-spike-in-mortgage-applications.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Real Estate Heatwave: 9 Spike in Mortgage Applications</title>
    <description> <![CDATA[ 


Real Estate Heatwave: 9 Spike in Mortgage Applications













Last week, I highlighted the recent dip in mortgage rates as we headed into the summer market. This week, the Mortgage Bankers Association (MBA) confirmed what we suspected: even a modest drop is already making waves (how’s that for a summer pun?). Their latest report shows purchase applications jumped 9 — putting them 25 higher than this time last year. Here are a few more key takeaways:












The 30-year fixed rate dipped last week to 6.77, the lowest in 3 months.










Purchase applications increased to their highest level since 2/2023.










Refinance applications rose 9 weekly and were up 56 YOY. 










Pending home sales hit 66,967, 1.5 higher than the same week last year.












Ralph’s Take






The spike in mortgage applications is a clear sign: buyers are paying close attention to rates and are poised to make a move when the numbers line up. For many, it’s not just about price, it’s about the monthly payment. This recent dip might be the window some have been waiting for. As rates slowly edge closer to that “magic rate”, expect buyer activity, and overall market momentum, to pick up.







 ]]> </description>
    <pubDate>Thu, 17 Jul 2025 07:25:00 -0400</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/the-mortgage-rate-impact-on-the-summer-market.html</guid>
    <link>https://www.ragette.com/blog/the-mortgage-rate-impact-on-the-summer-market.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>The Mortgage Rate Impact on the Summer Market</title>
    <description> <![CDATA[ 


The Mortgage Rate Impact on the Summer Market













Mortgage rates are slowly trending downward at just the right time. As of this week, conforming loans sit at 6.75, FHA loans at 6.27, and jumbo loans at 6.85 — the lowest levels we’ve seen since early April. While these aren’t dramatic drops, they’re meaningful. Just a few months ago, rates hovered stubbornly above 7. Now, as the summer buying season kicks into gear, buyers are starting to reengage.  According to the Mortgage Bankers Association, mortgage applications ticked up 1.1 last week, early signs that buyers are taking notice.












Purchase Applications Up: Up 10 week-over-week and 16 higher than 2024.










Refinances Jump: Up 7 from the prior week and 40 higher year-over-year.










Political Pressure on the Fed: Behind the scenes, calls for rate cuts are growing louder. Trump-aligned housing figures and even Fed members like Michelle Bowman and Christopher Waller are signaling support for a July rate cut. Still, Fed Chair Jerome Powell remains cautious.












Ralph’s Take






Cautious optimism is beginning to take hold. Declining mortgage rates are breathing some life back into both the refinance and purchase markets.  If rates continue to ease, even modestly, we could see the summer selling season stretch further and re-engage buyers who’ve been sitting on the sidelines. With the potential of a Fed rate cut, the bond market is already positioning for lower yields — pulling down Treasury rates, which mortgage rates typically follow. That’s particularly meaningful in Westchester, where many buyers are also sellers. Each buyer who returns often brings a new listing with them — something our low-inventory market urgently needs.







 ]]> </description>
    <pubDate>Thu, 03 Jul 2025 10:30:00 -0400</pubDate>
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    <guid>https://www.ragette.com/blog/tariffs-rates-and-what-it-means-for-spring-buyers.html</guid>
    <link>https://www.ragette.com/blog/tariffs-rates-and-what-it-means-for-spring-buyers.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Tariffs, Rates, and What It Means for Spring Buyers</title>
    <description> <![CDATA[ 


Tariffs, Rates, and What It Means for Spring Buyers









President Donald Trump's recent &quot;Liberation Day&quot; tariffs are expected to impact the U.S. housing market by increasing construction costs and influencing mortgage rates. Following the announcement, mortgage rates fell sharply, with the average 30-year fixed rate dropping 12 basis points to 6.63—the lowest since October. This decline reflects a market shift as investors moved from equities into U.S. Treasury bonds, which typically guide mortgage rates. At the same time, the tariffs are projected to raise new housing costs, with the National Association of Home Builders (NAHB) estimating a $9,200 increase per new single-family home due to higher prices on imported materials like lumber, appliances, and fixtures.






Ralph’s Take






Mortgage rates are expected to remain unpredictable as countries weigh their responses to the newly imposed tariffs. Competing economic forces are pulling rates in different directions. Slower growth, rising recession risks, and stock market declines are pushing bond yields — and mortgage rates — lower. Meanwhile, the NAHB is seeking tariff exemptions to ease the impact on builders and buyers. We may see a lively spring market — but economic headwinds could still disrupt momentum.







 ]]> </description>
    <pubDate>Fri, 04 Apr 2025 08:30:00 -0400</pubDate>
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    <guid>https://www.ragette.com/blog/reader-qa-westchester-county-sellers.html</guid>
    <link>https://www.ragette.com/blog/reader-qa-westchester-county-sellers.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Reader Q&amp;A: Westchester County Sellers</title>
    <description> <![CDATA[ 


Reader Q&amp;A: Westchester County Sellers









Is it worth making upgrades or should we sell “as-is”?






It all depends on your home’s condition and how it compares to the competition. I never recommend my sellers spend money on upgrades unless there’s a clear return on investment. Small cosmetic changes, like fresh paint, updated lighting, or minor kitchen and bathroom touch-ups, can add value. But major renovations don’t always pay off; I sold a home with a brand-new kitchen a few years ago — the buyers hated it and tore it out after closing. A pre-listing consultation can help determine which updates, if any, will boost your home's appeal and selling price.






We tried selling our home but didn’t like the offers. What should we do differently?






Here are a few issues that could have impacted your offers:










Availability: Was your home easy to show? Limited availability, requiring your agent to be present, or skipping an open house could have reduced buyer traffic and interest.






Marketing &amp; Exposure: Did your listing reach the right audience? High-quality photos, video tours, and strong online visibility make a big difference in attracting serious buyers.






Pricing Strategy: Was your home priced competitively? If buyers saw it as too high, they may have skipped it, leading to fewer showings and as a result: weaker offers.










Additionally, if feedback from previous buyers indicated concerns — whether about condition, layout, or pricing — addressing these issues can lead to stronger offers. I recommend a strategic launch with targeted advertising to maximize exposure and generate early momentum.






We want to move, but there’s nothing to buy. We feel locked in.






Many homeowners feel &quot;locked in&quot; by their sub-4 mortgage rates, but if that’s not a concern for you, or if you’ve outgrown your current home, now may be a great time to sell. With inventory remaining low, buyers are more open to seller-friendly terms such as an extended closing date. Alternatively, we can start preparing your home now with — photographs, videography, floorplans, and marketing materials — so that when you find your next home, we can list yours immediately and aim for a same-day closing. It can happen






Ralph’s Take






Thank you, Nancy, Douglas, and Ben, for your fantastic questions ???? I hope you all enjoy the digital Amazon gift cards coming your way ???? For those who submitted other seller-related questions, check your inbox — I’ve already emailed answers to you ????







 ]]> </description>
    <pubDate>Tue, 18 Mar 2025 07:06:00 -0400</pubDate>
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<item>
    <guid>https://www.ragette.com/blog/mortgage-rates-dip-as-the-spring-market-approaches.html</guid>
    <link>https://www.ragette.com/blog/mortgage-rates-dip-as-the-spring-market-approaches.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Mortgage Rates Dip as The Spring Market Approaches</title>
    <description> <![CDATA[ 


Mortgage Rates Dip as The Spring Market Approaches









Harbor Island Park, Mamaroneck






The U.S. housing market is experiencing a slight easing in mortgage rates, offering a glimmer of hope for prospective buyers as the spring selling season approaches. Today, the average 30-year fixed mortgage rate hit a new low for 2025, dropping to 6.70. Additionally,










Refinance activity hit its fastest pace since October 2024.






Mortgage applications increased 9 week-over-week, up 2 from last year.






Property tours are up 25 from the start of the year, according to Redfin.










Ralph’s Take






Mortgage rates have shown stability, a promising sign for both buyers and sellers as we head into the spring market. After seven consecutive weeks of decline, the 30-year fixed mortgage rate is down from 7.07 at the start of the year. With lower rates and increased mortgage applications, the spring homebuying season could be strong. Looking Ahead: Fannie Mae forecasts that 30-year fixed rates will average 6.8 this year, gradually dipping to 6.6 by the end of 2025.







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    <pubDate>Mon, 10 Mar 2025 07:25:00 -0400</pubDate>
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    <guid>https://www.ragette.com/blog/nar-chief-economist-forecasts-9-bump-in-home-sales.html</guid>
    <link>https://www.ragette.com/blog/nar-chief-economist-forecasts-9-bump-in-home-sales.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>NAR Chief Economist Forecasts 9 Bump in Home Sales</title>
    <description> <![CDATA[ 


NAR Chief Economist Forecasts 9 Bump in Home Sales









At the National Association of Realtors® (NAR) NXT conference, Chief Economist Lawrence Yun projected a 9 increase in existing home sales for 2025, followed by a 13 rise in 2026. He also anticipates new home sales to grow by 11 in 2025 and 8 in 2026. Yun attributes these forecasts to expected stabilization of mortgage rates around 6, ongoing job market growth, and an increase in housing inventory compared to the past five years. Additional points:










Household equity at a record high






Expect 6 to 8 interest rate cuts






Mortgage rates to stabilize between 5.5 and 6.5










Ralph’s Take






While Yun’s forecasts are optimistic, I hold a little skepticism. At last year’s event, he projected a 13 increase in existing home sales for this year, anticipating declining inflation and mortgage rates hovering around 6 by spring. Instead, inflation surpassed expectations, pushing mortgage rates higher through March and April, peaking at 7.22 in May. While I’m naturally an optimist, and I remain hopeful for a more balanced market next year, I’ll be closely watching interest rates, inventory, and demand to see how they evolve.







 ]]> </description>
    <pubDate>Tue, 19 Nov 2024 08:51:00 -0500</pubDate>
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    <guid>https://www.ragette.com/blog/could-this-magic-rate-unlock-the-market.html</guid>
    <link>https://www.ragette.com/blog/could-this-magic-rate-unlock-the-market.html</link>
        <author>ralph@ragette.com (Ralph Ragette Jr)</author>
        <title>Could This “Magic Rate” Unlock the Market?</title>
    <description> <![CDATA[ 


Could This “Magic Rate” Unlock the Market?









According to a recent analysis by John Burns Research and Consulting (JBREC), there may be a &quot;magic&quot; mortgage rate that could spark renewed activity in the housing market. For 12 consecutive years, mortgage rates remained below 5, enabling many homeowners to lock in favorable terms. Currently, 86 of mortgage holders have rates under 6. JBREC's survey suggests that the 5.5 mortgage rate represents the tipping point that could release the “ lock in effect ”. Additional findings:










72 of buyers would not accept a rate above 5.5






22 of buyers would accept a rate higher than 6






66 of consumers believe a “normal” rate is below 5.5






88 of consumers believe rates will drop below 5.5 within 5 years










Ralph’s Take






While many homeowners are still reluctant to sell due to the current mortgage rates, this hesitation is easing. That explains the gradual rise in listings this year. For the first time, we have data showing when homeowners might be ready to sell and buy in larger numbers. The 5.5 rate is more of a guideline than a strict cutoff, but it helps us predict market trends. If rates dip below 6 as expected, we may see a major market shift in 2025.







 ]]> </description>
    <pubDate>Mon, 21 Oct 2024 10:49:00 -0400</pubDate>
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