Mortgage charges in the US declined on common for the week ending March 7, 2024, and have been barely above charges final yr, based on Freddie Mac’s weekly Major Mortgage Market Survey.
The 30-year, fixed-rate mortgage mortgage averaged 6.88 p.c, down from 6.94 p.c the week earlier than. Throughout the identical week final yr, the 30-year be aware averaged 6.73 p.c.
“Proof that buy demand stays delicate to rate of interest modifications was on show this week, as [mortgage loan] functions rose for the primary time in six weeks in response to decrease charges,” Freddie Mac’s Chief Economist Sam Khater mentioned. “Mortgage charges proceed to be one of many largest hurdles for potential homebuyers trying to enter the market.
Relying on a potential house purchaser’s credit score rating, down fee, and mortgage kind, native mortgage charges could also be decrease than the nationwide common. Investing the time to speak with a loan officer who affords varied first-time and different mortgage packages is important. It is extra complicated than asking somebody the place present rates of interest stand.
New Hampshire House Costs Rise in January
The median worth of a single-family house in New Hampshire rose practically 9 p.c in January to $445,000 in comparison with $410,000 in January 2023, based on the New Hampshire Affiliation of Realtors.
New Hampshire home gross sales rose 6 p.c to 663 from 628 in January 2023, shocking since inventory remained tight. Solely about six weeks of stock have been obtainable on the finish of January.
New Hampshire condominium costs jumped 25 p.c in January yr over yr to $425,000, and rental gross sales have been up 16 p.c to 229. On January 31, 2024, 480 models have been in the marketplace, a rise of greater than 6 p.c from January 2023.
Rhode Island House Gross sales Down, Costs Up in January
The median worth of a single-family house in Rhode Island jumped practically 13 p.c to $441,750 in January, up about $50,000, in comparison with January 2023, based on the State-Vast A number of Itemizing Service.
Home gross sales fell 4 p.c in January to 442 from 462 in January 2023. There have been 758 gross sales in January 2022. Single-family stock dropped greater than 13 p.c. There have been 845 homes in the marketplace.
Home buyers purchased 89 condominiums in January, simply 5 fewer than in January 2023. In January 2022, 161 models have been offered.
The median rental worth grew lower than 2 p.c, from $320,000 in January 2023 to $325,000 in January 2024.