ATX: the Austin Real Estate Life Blog

  “When I discover who I am, I’ll be free.”   Ralph Ellison Current Rates* as of 06/18/2024: 30yr fixed Conventional: 6.625% (APR= 6.817%) 15yr fixed Conventional: 5.75% (APR= 5.988%) 30yr fixed FHA/VA: 6.125% (APR= 6.915%) 30yr fixed Jumbo: 7.25% (APR= 7.406%) 10/10 ARM Jumbo: 7.375% (APR= 7.258%) no points!! Investor- Conventional 30yr fixed: 7.5% (APR= 7.754%)  One-Time-Close Construction Jumbo: starts at 8.0% at no points! Land loans: starts at 9.15% (5yr term) Note: APR= Annualized Percentage Rate. Conforming, jumbo & Renovation rates are 20% (25% for investors) down on a purchase transaction and assumes >760 credit scores, full documentation at a charge of one discount point on a single-family home. Investor rates assume two points .  Renovation loans assumes 180 day completion period on a purchase and is a FNMA conforming loan amount. FHA/VA rates assume minimum required down payment, > 760 credit scores and full documentation on a single-family home...

      IN THIS ISSUE Update: August 13 NAR-mandated rules changes will apply to all property types Driving it Home: Dr. Knapp talks market complexity and the importance of working with a REALTOR® NEW: Micro-Education Video Series from ABoR Global Buyer's Agent Portfolio – get it June 26 at the Market Shift Conversations Take the ABoR Member Satisfaction Survey for a chance to win $1,000! IMPORTANT UPDATE: RULES CHANGES WILL APPLY TO ALL PROPERTY TYPES   One of the biggest questions you've had to date is which property types will be impacted by the NAR-mandated Unlock MLS rules changes.  These changes will be applied to all real property listings, including leasing, land, farm/ranch, and commercial.  Applying these rules changes across the board in Unlock MLS ensures transparency in compensation and representation for all buyers and sellers working with Unlock MLS subscribers.   DRIVING IT HOME: JUNE 18, 2024   In this episode,  Dr. Knapp  discusses curr...

  I’ve received a lot of questions this week about rate direction and my thoughts on what’s going on and where we’re headed.   Let’s do some quick catch-up! At the beginning of June, I was quoting 6.875% on a 30yr fixed mortgage. Today? 6.49%! That’s a huge movement in two short weeks.   What’s going on? Despite the Fed stating that inflation is not over and that they’ll be moving the rate lower only once this year, we’ve seen some deflationary numbers this week. It’s important to note that one data point doesn’t make a trend, but both CPI (Consumer Price Index) and PPI (Producer Price Index) dropped in May—below analysts’ expectations. Today, we see lower import prices and consumer sentiment waning. These are the types of reports that typically move rates lower, and we are seeing that.   Where are rates going? That’s the million dollar question! I think we’ll stay under 7%. There is nothing pushing them higher right now. Can they go lower? Sure, but let’s not bet on...