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As mortgage rates plunge dramatically, Taylor Swift and Travis Kelce go house hunting
Mortgage rates have dropped sharply, with the average 30-year fixed-rate mortgage falling to a 10-month low of 6.57% on Monday, down from 6.74% on July 28
Mortgage rates have dropped sharply, with the average 30-year fixed-rate mortgage falling to a 10-month low of 6.57% on Monday, down from 6.74% on July 28, according to Mortgage News Daily. And it seems like Taylor Swift and Travis Kelce want to make full use of this trend. The two reportedly went house hunting in Cleveland and were later spotted having lunch.
Why mortgage rates are plunging
This decline, spurred by a weak July jobs report, saw rates drop 12 basis points on Friday and an additional 6 points on Monday, a nearly 20-basis-point decrease since Friday.
The shift likely reflects investors flocking to the 10-year Treasury note, lowering its yield and, in turn, mortgage rates, according to Mortgage News Daily.
“This dip in mortgage rates gives house hunters a window of opportunity to buy before summer ends,” Daryl Fairweather, chief economist at Redfin, said.
“While housing costs are still fairly high, the recent decline in rates boosts purchasing power and improves overall home-buying conditions. Combined with the surplus of homes for sale on the market, serious buyers may want to jump in sooner rather than later.”
Alex Elezaj, chief strategy officer at United Wholesale Mortgage, sees opportunity, noting lower rates could increase buying power, allowing more home options within the same budget.
Taylor Swift buying a new home?
While nothing is confirmed, Cleveland Scene cited multiple sources to report that the pop star and her NFL boyfriend, Travis Kelce, went house hunting last month.
They 'visited at least two opulent homes currently for sale in Northeast Ohio's tony eastside suburbs on that visit', the report stated. Swift and Kelce visited the 'kind of places where wealth is abundant and babies are born with fully funded 529 accounts just in case they don't get a lacrosse scholarship or decide to forego higher education altogether to pursue dressage full time'.
Both of them are ‘all in’.
