Many metro regions in the United States indicated large -scale cash as a fall in mortgage rates

Metros youth in Virginia, Colorado and North Carolina stand for the most gains with more mobile population Mortgage rates According to a new report by realtor.com, there is a low 6% range.

federal Reserve Last week announced a cut in the first interest rate of the year, in which policy makers reduced their benchmark interest rate by 25 basis points. Horticulture rates do not always come in lockstep with fed moves, but cuts often create pressure downwards at the cost of borrowing. Last week, 30-year-old fixed-rate mortgage fell to 6.26%, below the average of 6.35%from the average of the previous week.

Currently, more than 80% of the existing mortgage rate is 6% or less, so as soon as the mortgage rates reach 6% level, Realtor.com Economist will have more agitation in the project market, especially in areas with high mortgage use. Last week, according to Sam Khatar, the chief economist of Freddy Mac, from January 2022, part of the nationwide highest -level hostage applications that had climbed to their highest level.

Fed cuts interest rates for the first time this year, which weakens the labor market

According to realtor.com report, refinance activity deployed nationwide, Washington, DC, Denver, Virginia Beach and Raley to feel the greatest impact. The biggest part of the houses pledged in those metros, which means that those metro is designed to look at a special. Bought a buyer’s demand Realtor.com According to economists, as the situation improves.

Comparatively, Miami, Buffalo and Pittsburgh are at least among the hostage-universe metro, which suggests that their housing market may be slow to respond to the falling rates, according to the report.

Inflation has increased in August because Fed Fed Fed Rate Cuts

Realtor.com chief economist Daniel Hale said, “Falling hostage rates are open to many buyers and vendors, but where you live, he determines how much changes in the market are in response to the opportunity,” Realtor.com’s Chief Economist Daniel Daniel Hal said, seeing that the markets like Denwar or Wasting, DC said, Most owners are still paying their mortgage. In Washington, DC especially, about three-fourths owned houses take a mortgage.

However, the old population and lump sum owners, such as Buffalo or Miami area, can see a low market level response, even if low rates are an inter-producer for some individuals in these markets.

Is there a more affordable housing market on the horizon?

The good news is that for people who buy homes first in life, rising property values ​​allow them to create equity over time. That equity can be used to reinstall, or to reduce, reduce or eliminate the need for new mortgage loans, or sell and downsize.

Meanwhile, for the first time for buyers, reducing the mortgage rates, according to the report, can unlock the ability and expand options.

The fate of the seller will be based on geography. For example, in high-manual metro they can see rapidly growing market and strong competition, while sellers in lump sum markets may seem stable and less unstable.

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Here are the top 10 metro with the top 10 metros that are with the highest part of the tied houses:

1. Washington, DC – 73.6%
2. Denver, Co – 72.9%
3. Virginia Beach, Wa. – 70.7%
4. Rale, Neck – 70.7%
5. San Diego, California. – 70.0%Baltimore, MD. – 69.4%
6. Baltimore, MD. – 69.4%
7. Atlanta, Ga. – 69.2%
8. Seattle, Wash. – 69.1%
9. Portland, ore. – 68.5%
10. Richmond, Va. – 68.3%

Here are the top 10 metro, with the highest part of the lump sum owners:

1. Miami, Fla. – 44.8%
2. Buffalo, NY – 44.2%
3. Pittsburgh, Pa. – 44.2%
4. Detroit, Mich. – 42.3%
5. Tampa, Fla. – 42.3%
6. Houston, Texas – 42.2%
7. Tuxon, Az. – 41.9%
8. San Antonio, Texas – 41.5%
9. Birmingham, Ala. – 41.0%
10. New York, NY – 40.1%