Mortgage Trends and Market Shifts | Real Estate Market Update w/ Martin Perdomo

Mortgage rates are falling, but buyers are still walking away from deals in record numbers. What's really happening in today's real estate market? We break down the paradoxical trends shaping housing decisions across America.

Phoenix and Miami lead the nation with pending home sale cancellation rates exceeding 15% - significantly higher than last year. Despite buyer hesitancy, persistent demand continues in certain markets, creating a fascinating tension between opportunity and caution. Meanwhile, trade tensions have unexpectedly benefited prospective homebuyers, pushing the average 30-year fixed mortgage rate down to 6.61%, its lowest point since October.

This rate drop has triggered a 20% surge in mortgage applications and a six-month high in refinancing. Yet major loan originators haven't seen corresponding gains as 10-year Treasury yields remain elevated around 4.35%. Looking ahead, economists anticipate rates will hover around 6.5% through 2025, but high home prices continue to create significant affordability hurdles for many Americans.

We're thrilled to announce our upgraded April 23rd event at El Diamante restaurant in Tampa, followed by an exclusive tour of our newly acquired $1.4 million apartment complex. I'll personally walk you through how I evaluate deals, structure acquisitions, and scale properties for maximum returns. This hands-on session, "How to Be Financially Free in Under Three Years," represents everything we teach in action. Secure your spot now at WealthyAF.ai/event before tickets sell out!

Chapters

• 0:01 Real Estate Market Introduction
• 0:50 Canceled Home Sales Trends
• 1:13 Mortgage Rates and Applications
• 2:04 Special Event Announcement
• 3:13 Market Outlook and Conclusion

Transcript

Speaker 1: 0:01

Welcome back to this week's real estate market update. Today we're diving into trends shaping the real estate landscape. We've got a big announcement coming up, an event that could launch you straight onto the fast track to financial freedom, so stay tuned. The US housing market is experiencing notable shifts, influenced by fluctuating mortgage rates, economic uncertainties and recent policy changes. In January, approximately 15.4% of pending home sales in Phoenix metro area were canceled, up from 14.3% the previous year. This trend mirrors a national pattern where buyers are increasingly walking away from deals due to high home prices, elevated mortgages and ongoing economic and political uncertainties. Similarly, miami saw about 15.3% of pending home sales canceled in January, slightly higher than the national average. This uptick reflects buyers' hesitancy amid current market conditions. Despite these challenges, some buyers are proceeding with purchases, indicating persistent demand in certain areas. On the financial side, the ongoing trade tensions have led to unexpected benefits for prospective homebuyers. The average 30-year fixed mortgage rate has declined to 6.61%, the lowest since October. This decrease has spurred a 20% surge in mortgage applications and a six-month high in refinance applications, providing a temporary boost to housing market activity. Despite the dip in mortgage rates, home loans originators such as Rocket Coast, mr Cooper Group and Loan Depot have not seen significant gains. The 10-year Treasury yields remain elevated at around 4.35%, keeping mortgage rates high and limiting refinancing prospects.

Speaker 1: 2:04

Before we continue, let's take a quick break, and this one exciting news On April 23rd event is getting an upgrade, new vibes, new venue and even more value. We're kicking things off at El Diamante restaurant in Tampa, where you'll join me and a crew of driven real estate professionals for some solid networking and strategy. Then we'll head just down the road to our newly acquired 24-unit apartment complex on North Hubert Street. This $1.4 million acquisition is more than just real estate. It's a live case study in everything we teach. I'll walk you through the property myself and break down exactly how I evaluate deals, structure acquisitions and scale them for serious returns. This session is called how to Be Financially Free in Under Three Years and, trust me, this is where the rubber meets the road. If you're ready to learn by doing and seeing it live, grab your seat now at WealthyAFai forward slash event.

Speaker 1: 3:11

Now back to the headlines. In broader context, the average US rate for 30-year mortgage has dipped for the second consecutive week, now at 6.64%. While this provides a modest advantage for potential homebuyers, high income prices continue to pose affordability challenges. Economists anticipate mortgage rates to hover around 6.5% for 2025, but broader economic uncertainties may continue to dampen buyer enthusiasm. In summary, the housing market is navigating a complex landscape of fluctuating mortgage rates, economic uncertainties and policy changes. Buyers and sellers alike are advised to stay informed and consider current market conditions when making decisions. That's a wrap in this week's real estate market update. If you found this helpful, be sure to share with your network and tune in next time for more insights and the latest market trends. And remember, if you want to get ahead of the market, grab your ticket for our upcoming event before they're all gone at wealthyai forward slash events. Thanks for listening. See you next time. Peace out.