Radio Show Notes 05/29/24 Thursday:

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Wednesday Midweek Mortgage & Market Report: Rising Rates, Limited Inventory? Don't Get Discouraged! Tips to Push Through & Find Your Dream Home

By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate. 

Does the news, media, and economy have you wondering if now is a good time to be buying or selling 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. My name is Eric Willner, known as the Voice of Real Estate and founder of America’s longest running daily radio show about real estate and also 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’s show is the Wednesday Midweek Mortgage & Market Report Edition of The Real Estate Show, where we continue to talk about why NOW is the right time to buy real estate using the theme of: Whatever it takes to make homeownership a reality for our veterans.

Did you know?

Did you know that veterans have unique opportunities and challenges when it comes to homeownership? Understanding these can be key to success in real estate.

Today’s show is about Push through Resistance and Get Started, and how very important knowing how that works is to a plan that leads to success in real estate.

Before we get into the meat of the show, let me remind you of this week’s special FREE Workshops:

1. Tuesday 8pm Path To Home Ownership Introduction – Online by Invitation. Text "Home"
2. Wednesday night 8:30pm Financial Edge University “101 Overview” – Online by Invitation. Text "Edge"

Do finances challenge you? Most people say YES!!

So, HERE is The Financial Edge. It’s the education and knowledge that moves the needle. We are your Financial Team. Let's talk about it... We believe in a 3-pronged approach:

1. I believe: Everyone should buy a house - Be a Homeowner.
2. I believe Everyone should have that house in Financial Order with a WRITTEN Financial/Life Plan.
3. I believe: Everyone should own a business that pays them AND gives them Tax Benefits - The Financial Edge. Your Financial Team. Let's talk about it... TAKE THE 72 Hour Challenge!

Let’s continue to talk about why NOW is the time to buy real estate using the previous shows from Monday and Tuesday, but focusing on and using the headlines and news articles below that are real estate-related, that affect wealth through affordable housing, help you gain independence, and peace of mind. Understanding the news helps you get yourself organized and have a financial edge.

Trending Topics for Today’s Update(From bankrate.com):

Today's national mortgage interest rate trends

On Wednesday, May 29, 2024, the current average 30-year fixed mortgage interest rate is 7.13%, increasing 11 basis points since the same time last week. If you're planning to refinance, the current average 30-year fixed refinance interest rate is 7.15%, rising 11 basis points from a week ago. In addition, the current average 15-year fixed refinance interest rate is 6.64%, up 16 basis points from a week ago. For now, the consensus is that mortgage rates will ease down in 2024. 

Article 1: Weekly mortgage demand drops to three-month low, as rates begin climbing again (CNBC Real Estate)

Key Points:

·       Mortgage Rates Up: After a period of decline, mortgage rates rose again last week, with the average 30-year fixed rate increasing to 7.05%.

·       Demand Dips: This rise in rates led to a 5.7% decrease in overall mortgage application volume compared to the prior week.

·       Refinance Market Hit: Refinance applications were particularly affected, plunging 14% for the week. However, they remain 12% higher than the same time last year.

·       Purchase Applications Down: Mortgage applications to purchase a home also fell slightly (1%) compared to the previous week and are 10% lower year-over-year.

·       Limited Inventory: Tight housing supply with fewer homes for sale is another challenge for potential homebuyers.

·       Rates Likely to Stay High: Federal Reserve comments suggest interest rates might stay elevated for some time. “Rates are driven by bonds, and bonds are waiting on the most relevant economic data to offer a comment on the path of inflation and the economy in general,” wrote Matthew Graham, chief operating officer at Mortgage News Daily. “If inflation falls a bit more or if the economy shows marked signs of weakening, it would tip the scales in favor of lower rates.”

Summary:

• Interest Rate Trends: While the average interest rate for 30-year fixed mortgages decreased slightly, the overall impact on mortgage applications remains minimal. This indicates that potential homebuyers and current homeowners looking to refinance are still waiting for more significant drops in rates.
• Refinance Applications: The drop in refinance applications suggests that most homeowners locked in their rates at lower levels previously and have no incentive to refinance at current rates.
• Purchase Applications: The slight decrease in purchase applications highlights the cautious approach of buyers who are waiting for lower rates and more inventory. This trend emphasizes the importance of timing and strategy in real estate transactions.
• Market Expectations: Economic data and inflation trends will play a critical role in future interest rate movements. Lower rates could eventually stimulate more activity in the housing market, but this will likely be a gradual process.

Did you know? Lower mortgage rates are expected to free up additional inventory, but this process will be gradual. Keeping an eye on economic data can give you a financial edge.

Article 2: Housing Prices Hit New Record High in March, Deepening Affordability Crisis (Forbes.com)

Key Points:

• U.S. housing prices reached a new all-time high in March, despite rising mortgage rates.
• Nationally, prices increased 6.5% year-over-year, marking the fastest pace since November 2022.
• The housing shortage continues, making affordability worse for many Americans.
• San Diego saw the biggest annual price increase (11.1%), followed by New York and Cleveland.
• Denver had the slowest price growth (2.1%).
• Sun Belt markets (Tampa, Phoenix, Dallas) that boomed earlier are now experiencing slower growth.
• The Case-Shiller index data is two months behind, so it may not reflect the latest market trends.
• Underbuilding, rising mortgage rates, and expensive materials are all contributing to the affordability crisis.

Remember: Text the word "EDGE" to 561-861-2366 for more information on our Financial Edge workshops and get the support you need to navigate today’s real estate market.

Stay tuned for tomorrow’s Thursday "ATM Edition" of The Real Estate Show. Remember: It’s a stone cold fact that Real Estate is THE best investment. Period. So get yours today!

Real estate Prayer for Wednesday - "Wisdom Wednesday" God of all wisdom, on this Wisdom Wednesday, grant us the discernment to make sound decisions in our real estate endeavors. Infuse us with insight as we navigate complexities and uncertainties. May our actions reflect Your wisdom and bring glory to Your name. Amen.

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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