February 14th, 2024 6:57 PM by Eric Willner
Radio Show Notes 02/07/24 Wednesday:
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"Wednesday Wisdom: The Midweek Mortgage & Market Report Reveals Real Estate Opportunities"
By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate.
Welcome to "The Real Estate Show" – South Florida’s #1 Real Estate Radio Show and America's longest-running daily radio show about real estate. I'm Eric Willner, known as the Voice of Real Estate and founder of America’s longest-running daily radio show about real estate, as well as the creator of The Automatic Landlord System for Owning Cash Flowing Real Estate “Profitably and Hassle-Free”. This show is a virtual real estate seminar in every episode.
Today marks week 6 of 2024 and the "Wednesday Midweek Mortgage & Market Report" Edition of The Real Estate Show. As always, we strive to bring you insights and updates that matter in the dynamic world of real estate. It's part of our ongoing series discussing why NOW is the right time to buy real estate under the theme: "You should stop paying rent and BUY Real Estate."
Did you know that your financial journey could take a significant turn for the better by making the right strategic real estate decisions?
Today's show is all about understanding why owning real estate is crucial for your financial success.
Before we delve into today's headlines and market insights, a quick reminder about our special FREE Workshops this week:
Wednesday night at 8:30 pm, we're hosting the "Financial Edge University Overview" – Online by Invitation. To attend with our The Real Estate Show invitation, text the word “Edge” to 561-861-2366. These FREE workshops are designed to empower you with the knowledge and tools you need to navigate the real estate landscape successfully.
Now, let's get into the heart of the matter – why NOW is the time to buy real estate. We've discussed critical aspects of transitioning from renting to homeownership on Monday and Tuesday, focusing on affordability, financial considerations, and market trends. Today, let's turn our attention to recent headlines and news articles that shed light on the current state of the real estate market.
Headline 1: Today's national 30-year mortgage interest rate trends (From BankRate.com)
As of Wednesday, February 07, 2024, the current average interest rate for a 30-year fixed mortgage is 7.10%, up 14 basis points over the last week. If you're in the market for a mortgage refinance, today's national average 30-year fixed refinance interest rate is 7.19%, increasing 3 basis points over the last seven days.
KEY POINTS
· Last week the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.80% from 6.78%, but rates have since jumped significantly higher.
· Applications for a mortgage to purchase a home fell 1% compared with the previous week and were 19% lower than the same week one year ago.
Mortgage demand is struggling to contend with what appears to be another upswing in interest rates. Homebuyers in particular are pulling back. (Read more…)
Headline 3: Mortgage rates jump back over 7% as stronger economic data rolls in (CNBC)
· The average rate on the 30-year fixed mortgage hit 7.04% on Monday, according to Mortgage News Daily.
· Mortgage rates have been on a wild ride since the summer, briefly crossing to a 20-year high of 8% in October.
· With the all-important spring housing market closing in, rates are more important than ever, given high and still-rising home prices.
The average rate on the popular 30-year fixed mortgage crossed over 7% on Monday for the first time since December, hitting 7.04%, according to Mortgage News Daily.
It comes after the rate took the sharpest jump in more than a year Friday, after the January employment report came in much higher than expected. Rates then moved up even more Monday after a monthly manufacturing report came in high as well.
Mortgage rates have been on a wild ride since the summer, briefly crossing to a 20-year high of 8% in October. Rates then fell sharply, as investors saw more and more evidence that the Federal Reserve would end its latest phase of interest rate increases. (Read more…)
As you can see the news points to a strong real estate market going forward. To have a “Financial Edge” real estate makes good sense, especially long term.
Now, why is owning real estate key for financial stability? Let's break it down:
1. Equity Building: Each mortgage payment contributes to owning the property, providing long-term wealth accumulation.
2. Potential for Appreciation: Property values may increase over time, offering additional financial gain when you sell.
3. Tax Benefits: Homeowners can deduct mortgage interest and property taxes on their federal income tax return.
4. Customization and Control: You have the freedom to renovate, decorate, and make changes to suit your preferences.
5. Sense of Stability and Ownership: Owning your home can provide a sense of security and permanence, especially compared to renting.
While these are compelling reasons to consider real estate, it's essential to be aware of the challenges and considerations. Sometimes high upfront costs, maintenance responsibilities, and market fluctuations are factors to weigh against the benefits. I still believe the benefits far outweigh the challenges,
Remember, this is not an exhaustive list, and individual pros and cons may vary depending on your specific circumstances. Consulting with financial advisors and attending workshops like ours can provide additional insights tailored to your needs.
As we look at the midweek mortgage and market report, interest rates remain favorable, enhancing the affordability of homeownership. Mortgage rates play a pivotal role in your investment decisions, and the current landscape supports the idea that NOW is the right time to buy.
Before we move forward, I want to remind you about our free online workshops. Text the word EDGE to 561-861-2366 to gain a financial edge in your real estate journey.
Now, let's insert a call to action strategically here. If you're ready to take control of your credit, the foundation of your real estate success, text the word CREDIT to 561-861-2366. Now, back to the market report.
This show is brought to you by TimeToFixMyCredit.com. Take control of your credit, the foundation of your real estate success, by texting the word CREDIT to 561-861-2366.
In summary, today's 'Wednesday Midweek Mortgage & Market Report' emphasized the alignment of market trends with our theme: 'You should stop paying rent and BUY Real Estate.' As we navigate the dynamic real estate landscape, being informed about market shifts, affordable housing initiatives, and mortgage trends is your key to success.
Now, for our mid-show break, we want to thank our sponsor, TimeToFixMyCredit.com, for supporting our mission to empower you in your real estate journey. Make sure to text the word CREDIT to 561-861-2366 to take the first step toward financial success.
As we resume, I want to highlight the potential impact of economic trends on real estate. The headlines about the Federal Reserve's considerations and inflation rates underscore the importance of staying informed. As a real estate professional, I encourage you to not only consider the current state of the market but also anticipate potential shifts.
Now, let's explore the trend towards suburban living. With the rise of remote work, there's a noticeable shift towards suburban living. Homebuyers are prioritizing space, comfort, and a connection with nature, influencing property preferences.
As we navigate these trends, it's crucial to consider your personal goals, whether it's owning a home, building a real estate portfolio, or finding the right investment opportunities.
Now, for our second call to action: Text the word EDGE to 561-861-2366 to gain a financial edge in your real estate journey. Remember, being informed is the first step towards making sound real estate decisions.
In conclusion, today's 'Wednesday Midweek Mortgage & Market Report' highlighted the convergence of market dynamics and our theme: 'You should stop paying rent and BUY Real Estate.' The current mortgage trends, economic considerations, and shifts in buyer preferences all contribute to the narrative that NOW is the right time to make strategic real estate moves.
Thank you for joining us on The Real Estate Show, where each episode is a virtual real estate seminar. We'll be back tomorrow for our 'Thursday Tactical Tips' edition, providing you with actionable insights to navigate the real estate terrain successfully.
Don’t just listen; use our show to get started in real estate investing. Tune in every weekday to The Real Estate Show, your literal seminar in every episode. And don't forget to attend our free online workshops to deepen your knowledge and take control of your real estate journey. Text the word EDGE to 561-861-2366.
Thank you for being part of The Real Estate Show community, and we look forward to connecting with you again tomorrow.
Also, you can listen to the entire 30 minute broadcast of any day’s edition of The Real Estate Show by clicking on the audio link on that days summary post. You can also watch the Facebook Live video at www.facebook.com/TheRealEstateShow.
Want to know more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 9 o’clock (EST) on Florida’s Money Talk Radio stations WWNN AM1470, FM 95.3 and FM 96.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.
Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.
Also listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow
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