US mortgage rates continued their downward trend this week, although experts said they may not stay low for long. The average 30-year fixed-rate mortgage (FRM) fell to 6.95% as of June 13th, down from 6.99% the previous week, according to Freddie Mac’s latest Primary Mortgage Market Survey. The 15-year fixed-rate mortgage also decreased, averaging 6.17%, down…

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Effective Tax Rate: 0.76% Average Home Value: $589,518

Mortgage rates are poised to trend downward through the latter half of 2024. Fannie Mae – Q2 2024: 6.70% – Q3 2024: 6.60% – Q4 2024: 6.40%

Economists are more confident the Fed will cut rates this year, with ~ 66% predicting a September reduction. This shift comes despite concerns about high inflation, which has led some to doubt the Fed will cut rates at all in 2024.

Due to current market trends, the path to homeownership for Millennials and Gen Zers requires careful financial planning.A Bankrate study found Americans need a 6-figure income to afford a mid-priced home.

Freddie Mac predicts mortgage rates will remain elevated through most of 2024. High interest rates will push buyers to readjust housing expectations, but demand remains high, especially for starter homes.

Non-bank mortgage companies are less regulated and heavily exposed to market fluctuations. These companies manage 70% of agency-backed mortgage balances, totaling ~$6.3T.

Texas and Florida lead as top markets for homebuyers. 7 out of the top 10 buyer markets are in these states.