Buyers are voting with their dollars. They are not buying overpriced houses. Realtors need to stop cheering for lower interest rates and start leaning on sellers to drop prices to affordable levels. Across the board, home prices need to drop 30-50%. We need to stop regarding our homes as ATM's/investments/"source of passive income"; instead, we need to value our homes as necessary shelter where we live our lives, raise our families.
@@rayzimmerman2242 home prices will not drop 30-50%. There is still a large pent up demand. When rates hit 6%, existing home sales numbers will increase by 500-750k homes sold.
@@joeb8725help me define collapse. Even with the worst housing bust in history we lost 20%. Today, we have a lack of supply, more qualified demand, and record high equity cushion
I just closed this past Friday on a huge new build in Cali. I got 5.625 with only $2500 out of pocket due to builder 23k towards closing and incentives. I went from 5.99 to 5.625 with $2,500 out of pocket. Not bad.
Good video! I think ( at least in the short term) we will get back to an average rate of 7. I would like to think within a year or so we could settle down at 5.5 and that would be the new norm, but not holding my breath at this point. I locked a 30 today at 6.25 and can always refinance, but never have seen the mortgage rates react so dramatically over news. Feels like this market isnt making sense and just gets annoying some days.
It’s the volatility that creates the uncertainty…but honestly with investors shorting bonds and and trading on headlines…this volatility will continue.
@@TheRuethTeam I agree the market has been very volatile. I just feel like there has been a lot of manipulation in the markets too this year and with people shorting stuff just makes it hard to get everything to stabilize again.
I didn’t say there have been no job increases. Its the higher than expected jobs report that sent rates higher and if we get a high jobs report on Nov 1st again rates will go higher
How do you think the upcoming events will affect mortgage rates? Share your thoughts below!
30 years in this business in California, and for many, many reasons I am Voting Trump
Gracias and great video
Thank you!
Buyers are voting with their dollars. They are not buying overpriced houses. Realtors need to stop cheering for lower interest rates and start leaning on sellers to drop prices to affordable levels. Across the board, home prices need to drop 30-50%. We need to stop regarding our homes as ATM's/investments/"source of passive income"; instead, we need to value our homes as necessary shelter where we live our lives, raise our families.
@@rayzimmerman2242 home prices will not drop 30-50%. There is still a large pent up demand. When rates hit 6%, existing home sales numbers will increase by 500-750k homes sold.
These over priced homes will collapse and people will again owe more than the house is worth
@@joeb8725help me define collapse. Even with the worst housing bust in history we lost 20%. Today, we have a lack of supply, more qualified demand, and record high equity cushion
I just closed this past Friday on a huge new build in Cali. I got 5.625 with only $2500 out of pocket due to builder 23k towards closing and incentives. I went from 5.99 to 5.625 with $2,500 out of pocket. Not bad.
this is a great loan and with builders incentive!
Good video! I think ( at least in the short term) we will get back to an average rate of 7. I would like to think within a year or so we could settle down at 5.5 and that would be the new norm, but not holding my breath at this point.
I locked a 30 today at 6.25 and can always refinance, but never have seen the mortgage rates react so dramatically over news. Feels like this market isnt making sense and just gets annoying some days.
It’s the volatility that creates the uncertainty…but honestly with investors shorting bonds and and trading on headlines…this volatility will continue.
@@TheRuethTeam I agree the market has been very volatile. I just feel like there has been a lot of manipulation in the markets too this year and with people shorting stuff just makes it hard to get everything to stabilize again.
Where did you getting your info, it’s sure not the truth? There have been no job increases,? There have been job increases!
I didn’t say there have been no job increases. Its the higher than expected jobs report that sent rates higher and if we get a high jobs report on Nov 1st again rates will go higher