Mortgage News
Lowest Mortgage Rates in a Month
The interest rate market continues the healing process after taking heavy damage in October. During the course of that month, the average top tier conventional 30yr fixed rate increased more than 0.75% and broke above 7.0% for the first time since early July. The first few days of November saw some additional volatility with our rate index hitting 7.13% on November 6th.
Things have calmed down more and more since then. While this doesn't mean there's been a huge correction back toward lower levels, the absence of additional weakness is nearly as big of a victory as we could have seen.
My top 5 things to do in December!
1. Deer Tracks Junction Christmas Adventure, Now through January 5
2. Cranhill Ranch - Star of Wonder Journey to the Manger, Dec. 6-8
3. Rosa Parks Ice Rink, Opens Dec. 5 weather permitting
4. Christkindl Market - at the Downtown Market - Now! - Dec. 22
5. Muskegon Adventure Park - ALL WINTER!
Putting the 'Tea' in Realty
We finally have closure to the NAR settlement. The judge finally gave the ok and closed the case. The DOJ proved they are against the assistance of Realtors by submitting a zero-hour objection with no real substance. Thankfully, the judge decided to put an end to the back-and-forth and we can now move forward with the new rules and procedures. How is this affecting West Michigan? Well, not much. We are seeing buyers ask for their agency fees to be paid by the seller in almost every offer still. Until we see interest rates drop, the buyers will continue to trickle onto the market, make their pick and ask for help with costs. If we see the rates drop, this could change in an instant with competition and sellers once again taking the highest offer and path of least resistance. For now, we are seeing sellers needing to present clean, well-maintained homes listed lower than their comparable previously sold homes. With the shortage of listings and buyers holding their breath the last 6 months, appraisals will also be more subjective to the appraiser's value determination. It's very important for sellers to stay realistic and unattached from their homes in order to listen to their agents and put their best foot forward, even when they think their home may be worth more.