New Freddie Mac data reveals the 30-year fixed mortgage rate has ticked down to 6.89% this week. Mike Aubrey, executive vice president of the Mike Aubrey Group of Berkshire Hathaway HomeServices PenFed Realty, joins Wealth to discuss broader housing market dynamics. "I think that buyers are starting to see that the rates aren’t going away, and if they want to buy a house, they’re probably going to have to succumb to what the market’s offering right now," he explains to Yahoo Finance. Discussing affordability, Aubrey highlights areas like Tampa and Houston that experienced significant population influxes during the pandemic, driving prices higher. However, with the compression of remote work, he notes these markets are now seeing price corrections. Potential buyers can now find "better deals in terms of price points" in these regions. Conversely, Aubrey predicts continued appreciation for markets like New York, San Jose, Washington DC, and Boston. Watch the full video for Aubrey’s views on what potential Trump administration policies could alleviate housing affordability pressures.
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