August Newsletter

August Newsletter

Adrienne Murphy
 

August Market Update

Swimming pool and landscaped garden overlooking a green mountain valley.
 

It’s time again for Patrick’s Bay Area Market Report:

Daily 30-year mortgage interest rate has been hovering around 6.5%. From Mortgage News Daily, "Mortgage Application Volume Soars, Refi Index Up 35%:  A second week of lower interest rates appeared to send homeowners scrambling to refinance their higher-rate mortgages assumed over the last few years. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, increased 16.8 percent on a seasonally adjusted basis. The Refinance Index soared by 35.0 percent compared to the prior week and was 118 percent higher than the same week one year ago."
 
Chart of 30-year fixed mortgage rates from February 2023 to August 2024, peaking above 8% in October 2023.
 
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Well, this is a welcome headline:

Jerome Powell says "time has come" to lower interest rates...

The picture below reminds me of how patiently many of us have been anticipating a rate cut...
 
Bright paneled entry hall with a glass front door, hardwood floors, and a brown-and-white dog sitting inside.
 
While Powell has not indicated how much of a cut the fed will make, I am sure we can all agree this is good news.  The article suggests the cut could come in September and could be anywhere from a quarter to a half percentage point.  
 
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Why You Should Use Private Exclusives

Compass Private Exclusives promotion explaining how to pre-market a home off-market.
 
QUICKLY TEST YOUR PRICE WITHOUT RISK:
Avoid the negative impact of accumulating days on market & public price drops.
 
SOFT LAUNCH & GENERATE BUZZ: 
Private Exclusives allow you to market your home to buyers prior to investing time or effort into preparing it for the public. Build anticipation & demand for your home before it officially hits the market.
 
MAINTAIN YOUR PRIVACY: 
This discreet service ensures photos & floorplans of your home are not visible on public home search websites.
 

Work With Adrienne

Adrienne is skilled at linking customers to a network of resources including mortgage lenders, home inspectors, construction & handyman services, and staging experts. She is ranked in the top 5% among Marin real estate agents.

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