Here's this week's roundup of news and resources. As always, please feel free to reach out to me with any mortgage or market related questions.

 

30-Year Fixed National Average Rates, as of December 7*

 

Conventional

↓7.05% 

 

FHA

↓6.39%

VA

↓6.40%

Jumbo

↓7.55%

 
 

 

More Buyers Preparing for a 2024 Purchase

Potential buyers who couldn't close on a home this year haven't given up. Instead, they're preparing to make their move in 2024.

According to recent NAR research, around 49% of would-be buyers think buying is a better option than renting. Even more of them — 76% — think they can achieve their dream of home ownership. They're planning to make their dreams come true soon by working hard to prepare, including making sacrifices to save up for a down payment. Many are putting away as much as $800 a month. While almost all of them plan to eventually buy, around 40% are sure they'll be able to afford a home in 2024.1
 

More Housing Options Expected In 2024
 

According to new predictions from Zillow, the state of the residential housing market will improve next year. One vital factor is that would-be buyers will have more properties to consider.

Another is the fixer-upper market: buyers who have been frustrated by the lack of move-in ready homes are ready to do their own upgrades or hire a contractor. (Ask me about renovation mortgages for these buyers.)

Sellers who had been reluctant to sell because of their low mortgage rates will begin to consider selling, especially those who want more elbow room. Many of these homeowners will be looking for options that weren't included in their current purchase, including bigger yards and more bedrooms. Others plan to move to a preferred neighborhood within the same town or city.

"I expect the beginning of a long healing process to kick off in the housing market next year," said Skylar Olsen, Zillow's Chief Economist. "While still presenting challenges, the market will be better for buyers, with more homes to choose from and improved affordability."2

Wondering Where the Time Goes? There's An App for That.

Ever wonder how much time you're spending on social media? On average, Americans spend about two hours and 14 minutes daily on non-work related surfing. If you're concerned that you're spending too much time on your iPhone watching cats battle Christmas trees, you may want to check out a new app: the Haptic Life Tracker. According to Haptic, "you'll see what your life looks like at a glance".

In addition to tracking your social media time on Instagram or TikTok, you can keep up with a variety of activities, from how much time you spend at the gym to how much water you drink every day.

Haptic Life Tracker offers a free version with seven preset categories, including music albums, games, and flights, and lets you add five more custom categories while you decide whether to subscribe. You can also auto import your data from the iOS Health app.

If you're an Android user, fear not — Haptic's maker is working on this version. If you can't wait, you can check out Android habit tracking apps like Way of Life, which is designed to help you break bad habits while reinforcing your good ones.3