Metro areas throughout the country to benefit from lower mortgage rates

Metros in Virginia, Colorado and North Carolina with the youngest, more than the mobile population benefits more than the mortgage rates that are drifting to a 6 % low range, according to a new report from RealTor.com.

The Federal Reserve announced the reduction of the first interest rate for this year last week, as policy makers reduced the standard interest rate by 25 basis points. Real estate mortgage rates do not always fall into the federal reserve movements, but the discounts often create a low pressure on borrowing costs. Last week, fixed real estate mortgage decreased for 30 years to 6.26 %, down from the average previous week of 6.35 %.

Currently, more than 80 % of current mortgages have a 6 % or less average, and thus with the approaching mortgage rates from 6 %, there will be a real -economic project. There will be more movement in the market, especially in areas with high mortgage. Last week, the share of the mortgage requests that were re -funded to its highest level in the country since January 2022, according to the chief economist in Freddy Mac, Sam Khatter.

The Federal Reserve reduces interest rates for the first time this year amid twice the labor market

Since the re -financing activity is picking up in the country, Washington, Denver, Virginia Beach and Rally, is especially good to feel the greatest impact, according to the ReelTor.com report. This metro has the largest share of living families, which means that this metro is ready to see a special batch in the buyer’s request with the improvement of conditions, according to the economists in RealTor.com.

Relatively, Miami, Bouvallo and Petsburg are among the least metro that depends on the mortgage, which indicates that their housing markets may be slower in responding to decline rates, according to the report.

The inflation remained stubbornly in August, where the Federal Reserve weighs discounts in interest rates

“The decrease in mortgage rates is open to many potential buyers and sellers, but the place where you live, determines the extent of market transformations in response to the opportunity,” said the chief economist Daniel Hill, noting that markets such as Denver or Washington DC. In Washington, in particular, it carries nearly three -quarters of the real estate -owned houses.

A house for sale in Washington, DC, in 2023. (Harun Schwartz / Xinhua / Getty Pictures)

However, areas that contain the elderly and their explicit owners, such as Buffalo or MIAMI, may witness a lower market response, although low rates are a difference of some individuals in these markets.

Is the housing market at reasonable prices on the horizon?

The good news is that for people who bought homes early in life, the values ​​of emerging property allow them to build stocks over time. These shares can be used to re -finance, or to sell and reduce the size or reduce the need for new mortgage debts.

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

The seller’s luck will be based on geography. For example, those in the high mortgage metro may see faster markets and stronger competition, while sellers in the explicit owner markets may find conditions more stable and less volatile.

A row of homes along the southeast Valley Avenue in the Washington neighborhood of Haillands in Washington, DC, on Friday, February 23, 2024. (Tristen Rouse for Washington Post / Getty Images)

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Here are the 10 best metro with the highest share of living families:

1. Washington DC – 73.6 %
2. Denver, Company – 72.9 %
3. Virginia Beach, Virginia – 70.7 %
4. Rally, NC – 70.7 %
5. San Diego, California – 70.0 %
6. Baltimore, MD – 69.4 %
7. Atlanta, GA – 69.2 %
8. Seattle, Washington – 69.1 %
9. Portland, Oregon – 68.5 %
10. Richmond, Virginia – 68.3 %

Here are the 10 best metro with the highest share of the frank owners:

1. Miami – 44.8 %
2. Boufalo, New York – 44.2 %
3. Pittsburgh, Pennsylvania – 44.2 %
4. Detroit, Michigan – 42.3 %
5. Tampa, Florida – 42.3 %
6. Houston, Texas – 42.2 %
7. Toxon, from A to Z. 41.9 %
8. San Antonio, Texas – 41.5 %
9. Birmingham, Alaa – 41.0 %
10. New York, New York – 40.1 %