The Real Estate Show

Radio Show Notes 08/07/24 Wednesday:

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Mortgage Rates Plunge! Now's the Time to Secure Your Dream Home with the Right Agent

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

Quick recap: 

R eal Estate Success: Step 3 is to Research the Market in The Step-by-Step Guide to Buying Real Estate

R eal Estate Success: Step 2 is to assess your readiness to buy in The Step-by-Step Guide to Buying Real Estate

R eal Estate Success: Step 1 in A Step-by-Step Guide to Buying Real Estate

Welcome to the “Wednesday Midweek Mortgage & Market Report” Edition of The Real Estate Show!

Are the news, media, and economy making you wonder if now is a good time to be buying or selling real estate? If so, you’re in the right place.

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 I am the founder of this iconic show. I’m also 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 and the only radio show that puts money in your pocket.

This is the Wednesday Midweek Mortgage & Market Report Edition of The Real Estate Show.

Today, we continue to discuss why NOW is the right time to buy real estate, using the theme of Real Estate Success: Step 4 – Find the Right Agent in The Step-by-Step Guide to Buying Real Estate.

Did you know? Finding the right agent can be a game-changer in your real estate journey. A professional, knowledgeable agent can help you navigate the complexities of the market, negotiate the best deals, and provide invaluable insights into local trends.

Today’s show is about Real Estate Success: Step 4 – Find the Right Agent in The Step-by-Step Guide to Buying Real Estate and understanding how this crucial step plays a significant role in a successful real estate plan.

Before we dive into today’s insights, 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...

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Let’s continue our discussion on why NOW is the time to buy real estate, referencing insights from Monday and Tuesday's shows, but today we’ll focus on real estate-related headlines that affect wealth through affordable housing, help you gain independence, and provide peace of mind. Understanding the news helps you get organized and gain a financial edge.

Here are the top trending topics for today’s update:

Today's National 30-Year Mortgage Interest Rate Trends

As of Wednesday, August 07, 2024, the current average interest rate for a 30-year fixed mortgage is 6.56%, falling 29 basis points from a week ago. For homeowners looking to refinance, today’s current average 30-year refinance interest rate is 6.58%, down 31 basis points since the same time last week. Additionally, the average 15-year fixed refinance interest rate is 6.07%, down 33 basis points from a week ago. The consensus is that mortgage rates will ease down in 2024.

Daily Rate Lock Advisory

There is no relevant economic data set for release today or tomorrow morning. We are seeing a reversal of part of yesterday’s flight to safety rally in bonds. With stocks showing solid gains this morning, some investors are shifting funds away from bonds. This is a common situation that likely will be in play for the next couple of days as the stock markets either stabilize or start another downward move. If stocks give back this morning’s early gains, bonds and mortgage rates should benefit.

Weekly Mortgage Refinance Demand Soars 16% as Rates Sink to Lowest Level in Over a Year

Key Points:

1. Interest Rate Decrease: The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.55% from 6.82%.
2. Refinance Applications Surge: Applications to refinance a home loan jumped 16% for the week and were 59% higher than the same week one year ago.
3. Purchase Applications Increase: Applications for a mortgage to purchase a home increased just 1% for the week but were still 11% lower than the same week one year ago.

Mortgage interest rates dropped last week to the lowest level since May 2023, causing a surge in mortgage demand from both homebuyers and especially current homeowners. Total mortgage application volume rose 6.9% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was at the highest level since January of this year.

“Mortgage rates decreased across the board last week following dovish communication from the Federal Reserve and a weak jobs report, which added to increased concerns of an economy slowing more rapidly than expected,” said Joel Kan, vice president and deputy chief economist at the MBA, in a release.

Call to Action: Text the word EDGE to 561-861-2366.

Mortgage Rates Plunge to the Lowest Level in More Than a Year After Weak Employment Report

Key Points:

1. Rate Drop: The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily.
2. Impact of Employment Report: The drop followed a weaker-than-expected monthly employment report, which sent bond yields falling fast.
3. Market Reactions: The recent high on the 30-year fixed mortgage was 7.52% in late April, and home sales have been falling ever since.

The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily. That is the lowest rate since April 2023. The 15-year fixed rate fell to 5.89%, its lowest level since early May 2023.

The drop followed a weaker-than-expected monthly employment report, which sent bond yields falling fast. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury.

Call to Action: Text the word EDGE to 561-861-2366.

Remember: It’s a stone cold fact that Real Estate is THE best investment. Period. So get yours today!

Today’s Show is Brought to You By: TimeFixMyCredit.com – text “Credit”.

Summary of Today's Show:

1. Mortgage rates are dropping, making it a great time to refinance or buy.
2. Refinance demand is soaring as homeowners take advantage of lower rates.
3. The housing market is showing unique dynamics with new home supplies outpacing existing homes.
4. Lower mortgage rates are expected to continue, benefiting both buyers and refinancers.
5. Financial education and planning are crucial for success in real estate.

Tomorrow is our Thursday ATM Edition of The Real Estate Show, so you won’t want to miss getting up to date with what’s going on in the real estate world. Thank you for listening. Don’t just listen; use our show to get started in real estate investing and tune in every weekday to our show, a literal seminar in every episode of The Real Estate Show. Also, don’t forget to attend our free online workshops.

 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 

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.

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