October 19, 2023
Mortgage rates continued to approach eight percent this week, further impacting affordability. In this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate. With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance. Launched this week, Freddie Mac’s DPA One® tool helps lenders and homebuyers identify and take advantage of down payment assistance programs nationwide.
Not only are homebuyers feeling the impact of rising rates, but home builders are as well. Incoming data shows that the construction of new homes rebounded in September but as rates keep rising, home builders appear to be losing confidence. As a result, construction could trend down in the short-term.
Do you have other real estate questions? Please contact me at your earliest convenience. I’d be glad to assist you or someone you know!
Sal Soriano, REALTOR
972.281.7500
NOTE: Freddie Mac made a number of enhancements to the Primary Mortgage Market Survey® to improve the collection, quality and diversity of data used. Instead of surveying lenders, the weekly results are now based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. Additionally, the PMMS® will no longer publish fees/points or adjustable rates. The newly recast PMMS® was put in place on November 17, 2022, and the weekly distribution is Thursdays at 12 p.m. ET.
