Mortgage Rates Drop to a Three-Year Low
Mortgage rates dropped sharply earlier this week, with the average rate on the 30-year fixed mortgage dropping to 6.13%. This is the lowest since late 2022.
"The overall set-up is reminiscent of September 2024 when rates were doing the same thing for the same reasons ahead of Fed meeting with a virtual 100% chance of a rate cut," said Matthew Graham, chief operating officer of Mortgage News Daily.
Earlier in September, rates for a 30-year fixed mortgage dropped from 6.5% to 6.35% on Sept. 11 from the previous week, which was the largest weekly drop in nearly a year. This is according to data released by Freddie Mac.1
More Sellers Pack Bags, Leave the Market
After months of a growing inventory of homes for sale, some sellers decided to back out of the market in August. This was mostly due to slow demand from buyers, who had been gaining leverage because of more inventory and lower interest rates.
However, buyers in most areas still have plenty of advantages. Competition among buyers during August — traditionally a busy month for real estate transactions — fell to its lowest number since 2018. In addition, there are plenty of sellers keen to offer price cuts, although the numbers fell from 27% in July to 26% in August.
According to a recent seller survey, 37% were encouraged to sell by accepting a new job. If the labor market continues to weaken, that could also reduce the number of homeowners needing to sell.2
Learn More About Your Instagram Options
Instagram's popular for many reasons, including the number of ways users can share content, photos and more. Over 170 million Americans tune into Instagram regularly. If you're not sure what sort of content you can create, here's a primer that simplifies things.
There are four main options to choose from when it's time to post to your Instagram feed. Another option (Highlights) makes it easy for you to create a collection of your favorites so new followers can view them.
Carousels: These are a series of swipeable images or graphics in one post. You can upload up to 10 images within each post. These outperform single-image posts because they encourage interaction.
Reels: Short videos designed to maximize reach. Use them for quick tips, trending audio, or eye-catching property tours. Ideal for getting in front of new audiences!
Lives: For real-time interaction, go Live. It's a great way to host Q&As, tour a home, or chat through hot market topics.
Stories: Quick, 24-hour snapshots. They're ideal for open house reminders, day-in-the-life moments, or casual behind-the-scenes peeks. You can also save your best Stories as Highlights so new followers can check them out later.
Highlights: Permanent collections of past Stories. You can save collections of Highlights to introduce visitors to your listings and services. Unlike regular Stories that vanish after 24 hours, Highlights allow you to keep them indefinitely.
After you're 100% familiar with each, you can concentrate on creating crowd-pleasing content. You'll always get the best results when you know which one to use.3
Midwest Market Streets Ahead of National Trends
The Michigan, Minnesota and Wisconsin housing markets are leaving other states' sales in the dust, with properties in key cities selling up to 83% faster than the national average.
While the national average for Days on Market (DOM) is at 63 days, the average property for sale in the Midwest spends just 23.8 days on the market. It's an impressive, 56.5-day advantage over the national figure.
Grand Rapids, Michigan leads the pack with homes selling in just 9.6 days on average, 83.3% faster than the national rate. Minneapolis, Minnesota is tailgating Grand Rapids, with homes selling in just 9.9 days. Milwaukee, Wisconsin properties typically sold within 14.6 days (74.7% faster than the national average).
On a state basis, Minnesota's in first place, with homes selling 75.2% faster than the national average. Wisconsin isn't far behind at 72.2%. Michigan's in third place with properties selling 63.6% faster than the national average, with Kansas and Missouri sales at 50.4% and 29.0% respectively.
Even Saint Joseph, Missouri, with a 43.3 day-DOM, still moved properties 31.3% faster than the national pace.4
Housing Costs Outpace 2024 Incomes
Monthly costs for established homeowners (mortgage payments, property taxes, homeowners insurance, utility bills and association fees) rose to $2,035 in 2024. Newer homeowners recently faced even higher typical costs of about $2,225.
These housing-related costs have been rising faster than household incomes, making home ownership harder to reach while established homeowners feel the pinch.
An AP review of the same ACS release notes median household income rose only modestly from 2023 to 2024.
Beyond the national picture, geography matters. The ACS illustrates major differences across regions, with costs heaviest along the coasts and in parts of the Sun Belt where insurance premiums and HOA prevalence have risen the most.5
Sources: 1cnbc.com, 2zillow.mediaroom.com, 3theclose.com, 4housingwire.com, 5nationalmortgageprofessional.com
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