New: 🧠 Market Minds Issue #007

We appreciate each and every one of you for taking the time to read Market Minds. Buckle up and enjoy the free value - and you won’t want to miss the crazy listing that the Flinstones may have lived in.

Time to Refi??

Mortgage refinancing activity has experienced a significant surge of nearly 20% in the last week, according to the Mortgage Bankers Association (MBA). This increase in refinancing volume can be attributed to lenders offering rates below 7%.

The MBA reports that refinancing activity has increased by almost 20% in response to this drop in rates, with a notable rise in FHA and VA refinance applications.

Freddie Mac reveals that the current 30-year mortgage rate stands at 7.03%, down from 7.22% just a week ago. This decline in the most popular US home loan rate has motivated homeowners to seek relief from the high rates they encountered earlier this year. As a result, mortgage refinancing now accounts for 39.2% of total mortgage applications, up from 34.7% the previous week.

Home Sellers Offering Concessions

The rental market has experienced a slowdown in the past year and a half, primarily due to an increase in apartment supply. This surge in supply has led to landlords struggling to fill vacancies, resulting in a drop in asking rents. However, despite the decline, rents are still significantly higher than pre-pandemic levels.

According to Redfin Chief Economist Daryl Fairweather, renters are now benefiting from better deals and concessions offered by landlords. The rising supply of apartments has provided renters with more options to choose from. Fairweather suggests that we may see more renters entering the homebuying market next year as home-sale prices and mortgage rates decrease.

To attract renters, some landlords are offering one-time discounts such as a free month's rent or reduced parking costs. This means that the total prices renters are paying are likely decreasing at a faster rate than what is reflected in the data.

Convince Your Clients to Buy

Redfin also predicts that single-family rental prices will continue to increase because they’re particularly attractive to millennials. They desire a larger living space for the families they’re starting.

And with remote work causing them to spend more time at home, they like having more space.

Homebuying can be made affordable. Talk your clients into buying by showing them houses with larger living areas they can spend however many years in that they choose

Without the rent increase…

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Did the Flinstones Live Here?

This New Berlin, WI home has been on the market NINE different times in the last 10 years (and has only sold once) The seller is now parting ways with it after owning it for only a little over a year. View the full listing here.

Hmm… would this make a good Airbnb?

TL;DR (Too Long; Didn’t Read)

Mortgage refinancing has seen a significant uptick of nearly 20% in the past week, driven by lenders offering rates below 7%. In the rental market, an oversupply of apartments has slowed growth, leading landlords to offer concessions like free rent months or reduced parking costs. Despite the decline, rents remain higher than pre-pandemic levels. Redfin predicts rising single-family rental prices, appealing to millennials seeking larger living spaces.

Have a great weekend - we’ll see you next Saturday.

Cheers 🍻

-Market Minds Team