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Mild Winter Saves Homebuyers Some Cash
– Thanks to a chilly dip in the weekly average for 30-year mortgage rates, say hello to a warmed-up housing market. Imagine it like a sales rack during Black Friday that has been extended to Cyber Monday; that’s basically how the November housing market reacted.
– The average mortgage payment rolled down the slope – like a pretty good ski resort, if you ask me – to $2,575, and got the homebuyers running like a kid who sees the ice cream truck on its street.
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Buy, Buy, Baby
– Homebuyers are not ones to miss a good bargain – or in this case, a mortgage payment that’s less than your overpriced latte per day expense. And who wouldn’t want the chance to live in their dream home, especially if the price tag isn’t as scary as a Halloween mask? So like a shopaholic with a credit card, they took advantage like there was no tomorrow.
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Mortgage Rates Dropping Likes It’s Hot
– The 30-year mortgage rate hit record lows in November. Think of it like this: If mortgage rates were a grade, they would be getting that “must try harder” note from the teacher at the parent meeting. With such rates, owning a house is now as much in reach as that last bag of chips on the top shelf in the supermarket.
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Real Estate Market Gets a Wish Granted
– And the real estate market? Oh boy, did it flourish like a boss! Imagine it like your favorite character in a video game, leveling up with ridiculous speed. I bet your Monopoly board is looking pretty small right about now.
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Cementing The Status of The Housing Market
– With all the recent action, this housing market solidified its status, not as a bull or a bear, but as a ninja turtle – super flexible and always on their toes. Its ability to turn on a dime and host such a wide variety of winners and losers is frankly quite admirable, if you ask me.
And now, the slightly overcooked hot take…
Real Estate and Mortgages: It’s Just Another Manic Monday
In life, there are few certainties except death, taxes, and fluctuating mortgage rates. But this November, mortgage rates decided to play the price-is-right game and dropped enough digits to send the housing market into a frenzy. But of course, like those surprisingly satiable shopaholics, the homebuyers didn’t miss a chance to jump on this disco-coupon express. They grabbed November’s mortgage market by the horns, causing such pandemonium that you’d almost mistake it for the last loaf of bread in the supermarket right before a forecasted blizzard.
Now, if mortgage rates were a pop song, they’d have shot straight to the top of the charts this month! And our dear old housing market? Well, it’s been riding the wave, acting like a market on a mission, with a twist and shout! It’s no longer just ‘real estate,’ it’s gone “reel-ly” big, dropping jaws as it sashays past the dowdy stock market – which, frankly, feels like it’s stuck playing catch for a while.
And in the ballet of economic trends and ecosystems, the bustling housing market twirled and leaped, cementing its position as more of a ninja turtle than a bear or a bull. It’s proved its resilience, flexibility, and an uncanny ability to entertain — if not occasionally terrify — its audience with its acrobatic swings. Oh, what fun it is to trade in a market that never sleeps, right? So here’s to the investors and the homeowners! Just remember, when you play this game of homes, you either win or… you wait for the next mortgage rate drop! Score one for the free-market enthusiasts out there.
Original article: https://www.inman.com/2023/11/30/americans-average-mortgage-payment-falls-164-in-november/
