Kanab Real Estate Roundup for the July 2023
Welcome to the Kanab Real Estate Roundup for June 2023! Stay informed about the latest market trends, mortgage rates, and key economic indicators shaping the real estate landscape in Kanab. In this update, we'll dive into the Freddie Mac mortgage rate data and explore the implications for homebuyers and sellers in the area.
Mortgage Rates and Economic Outlook:
Despite concerns about rising rates, the latest data from Freddie Mac brings some reassurance. Mortgage rates in Kanab are still holding under 7%. However, it's important to note that the Federal Reserve may implement additional interest rate hikes this year to address inflation concerns. The recent economic indicators, such as Strong Durable Goods, final Q1 GDP, Unemployment Claims, and New Home Sales, have painted a picture of a robust economy, making it challenging for the Fed to believe that inflation is under control.
As of June 29, 2023, the 30-year fixed-rate mortgage averaged 6.71 percent, a slight increase from the previous week's average of 6.67 percent. Comparing year-over-year data, the 30-year FRM averaged 5.70 percent, indicating a rise in rates over the past year.
For those considering a shorter loan term, the 15-year fixed-rate mortgage averaged 6.06 percent, up from 6.03 percent the previous week. Compared to the same period last year, the 15-year FRM averaged 4.83 percent, reflecting an upward trend in rates.