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Weekly Mortgage Rates Dip, Home Prices Soften

Average mortgage rates ebbed this week, but not enough to give home buyers much relief. National home prices may begin to cool.

WASHINGTON – The average rate on the 30-year fixed-rate mortgage fell to 6.89% in the week ending June 6, according to rates provided to NerdWallet by Zillow. It was a decrease of 13 basis points from the previous week. (A basis point is one one-hundredth of a percentage point.)

The drop brings the 30-year fixed rate to about where it was two weeks ago and slightly under May's monthly average of 7.01%.

Home prices may cool off

National home sale prices rose 5.3% year over year in April and were up 1.1% from the prior month, CoreLogic, a global property analytics company, reported this week.

Any price increase is tough on home buyers, but the recent gains are softer than the year-over-year price jumps in the last few years. CoreLogic projects home price growth to slow to 3.4% by next spring.

The price softening reflects buyers' response to high mortgage rates and anticipation that rates may eventually fall, CoreLogic Chief Economist Selma Hepp said in a June 4 press release.

"Also, the price cooling is more pronounced in markets where there has been an influx of inventory and/or new construction, as well as those where additional homeownership costs (such as insurance, taxes and HOA fees) have risen relatively faster," she said.

More homes for sale

About 605,000 single-family homes are on the market — 39% more than last year at this time, Mike Simonsen, founder and president of Altos Research, a real estate analytics firm, said in a June 3 video.

"Most of the country has over 30% more homes on the market now," he said. "But a few states — Texas, California, Florida, Georgia, Arizona — are driving the bulk of the inventory increase for the country. So, inventory is up everywhere, just some places more than others."

Simonsen predicts that rising inventory will continue as long as rates stay high. Inventory will fall if rates go down and more buyers enter the market.

Fed rate cut unlikely next week

Lower inflation could lead to lower interest rates. The two big things to watch for next week are the releases of the U.S. Bureau of Labor Statistics' consumer price index, which measures inflation, and the Federal Reserve's Federal Open Market Committee's monetary policy statement. Both will happen on June 12.

The Fed does not plan to cut the federal funds rate — a rate that influences mortgage rates — until inflation is "moving sustainably toward 2%."

Market watchers don't expect a rate cut next week. As of June 6, the chance of the Fed keeping the federal funds rate unchanged was more than 99%, according to the CME FedWatch Tool.


Gustave Courbet (painter) – 1819
Hattie McDaniel (actress; the first African American to win an Academy Award) – 1895
Judy Garland (actress & singer) – 1922
Eugene Parker (American astrophysicist; proposed the idea of solar wind in 1958 ) – 1927
F. Lee Bailey (attorney) – 1933
Jim Shea (Olympic gold medalist, Men’s Skeleton) – 1968
Pokey Reese (baseball player) – 1973
Tara Lipinski (figure skater) – 1982
Princess Madeleine of Sweden – 1982
Leelee Sobieski (actress) – 1982

Welcome to; I would like to introduce myself, my name is Mark Hoeft I am a Florida Real Estate Broker & Owner of The Florida Coast Realty Pensacola LLC in Pensacola, Pensacola Beach, & Gulf Breeze Florida, I also the proud owner of The Florida Coast Realty West Palm & The Florida Coast Realty Destin Florida. It would be my honor to help you find your slice of Florida's beautiful Emerald Coast that you've been searching for. Whether you are looking for your primary home, a second home, or investment property for your Real Estate portfolio on Florida's beautiful Gulf Coast. I specializing in Beach Homes, Condos, and Townhouses. I use my 20 years of knowledge and dedication to hard work to make your real estate transaction as smooth as possible. I've become a leader in buying and selling Pensacola Real Estate, Scenic Gulf Breeze Homes, and Pensacola Beach Condos & Homes. I pride myself in my professionalism and expertise. I've closed over 350 real estate transactions and have totaled more than $40,000,000.00 in sales during the past 20 years.

monDAY, JUNE  10, 2024


Bridget Bishop was the first person to be hanged at the Salem Witch trials– 1692
Ben Franklin’s kite and key experiment proved lightning is electricity– 1752
Canada Constitution Act is passed by British Parliament, creating Upper and Lower Canada– 1791
Phoenix steamboat first in U.S. to sail on open sea– 1809
First boat race between Oxford and Cambridge– 1829
The United States Naval Academy graduated its first students– 1854
U.S. Marines landed at Guantanamo Bay, Cuba– 1898
Alcoholics Anonymous founded – 1935
The Deep premiered– 1977
United States War Dogs Memorial was dedicated, Holmdel, New Jersey– 2006

Mark Hoeft Broker/Owner

The Rise of the ‘Rentvester’: Why Renting in One City and Buying in Another May Be the New American Dream

By Janet Siroto

The American dream might be to own your own home, but that doesn’t mean you necessarily have to live in it.

Increasingly, Americans are renting in one (often pricey) location and then buying an investment property in a more affordable place. Dubbed “rentvesting,” this practice is taking off across the country.

“I had a young couple as clients who lived and worked in Springboro where the real estate market is prohibitively expensive for many first-time homebuyers,” says Mike Wall, a real estate agent in Ohio with eXp Realty/EZ Sell Homebuyers. “Despite their high earnings, they could not afford to buy a home in the city without significantly compromising on size or location.”

"With rents continuing to fall and the cost of buying a home remaining high, exacerbated by the rise in mortgage rates in the later half of 2023, renting a home is now a more cost-effective option in all major U.S. markets," said Danielle Hale, Chief Economist at®. "Deciding whether to rent or buy often goes beyond a financial advantage though, and likely depends on a consumer's circumstances. Renters often prize flexibility while the biggest reasons homebuyers cite are that they want a place of their own and to be closer to family and friends. The financial scales have tipped monthly costs in favor of renting over buying, but it does not bring the benefit of housing wealth gains over time that owning does and movers should consider their long-term housing plans and personal situation as they make this decision."

Instead, the couple purchased an investment property in the rapidly growing suburb of Kettering. This allowed them to officially become homeowners—and start building equity—and also to plan for future income through rental yields.

Similarly, Chantay Clark Bridges, a real estate agent with eXp Realty of California, in San Ramon, sees this happening on the West Coast.“I have one client renting in Holmby Hills, but they own a huge investment property in Big Bear Lake that they secured for under $300,000,” she says

“I have another client renting in Calabasas and owning an investment property in Palm Springs, which they snagged for a similar price. Their draw was to catch Coachella-bound and other vacationers.”

Why ‘rentvesting’ is on the rise now
“Rentvesting” was coined by Mynd, a real estate technology company, which found in a 2022 study that 43% of millennials and Gen Z were considering buying an investment property. Two-thirds of them said they believed this was a smart financial move. Of those surveyed, 72% said they would buy a property in a different state than the one they live in.

Why the willingness to purchase far afield? Not surprisingly, it’s mostly about the money.

The national median list price rings in at $424,900, according to the latest® data. Mortgage rates remain high, as well, hovering around 7%—a far cry from the historic lows of 2.65% in January 2021.

“For younger residents of big cities where real estate is particularly pricey, buying an investment or vacation property in a nearby but much more affordable area can be a way to begin to build equity without sacrificing big-city living,” notes Danielle Hale, chief economist of

For example, “buying the typical home in the New York City metro area requires more than $200,000 in income,” she continues, citing a recent housing trends report. “Home prices in Buffalo and Rochester are considerably lower. Purchasing a typical listing in these areas, which are less than six hours from the city, requires less than $100,000 in annual income.”

That cost comparison can reveal why rentvesting is so appealing.

“Everyone is looking for affordability,” says Cara Ameer, a real estate agent with Coldwell Banker, licensed in California and Florida. “Many buyers are totally shut out of the immediate areas where they live and work. They have money saved up and qualify for a loan, but can’t afford to buy where they live, so they look elsewhere.”

Another reason rentvesting is rising could stem from the many renovation reality TV shows focused on house flipping and home design, from “Home Town” to “The Flipping El Moussas.”

“Millions are watching these shows,” says Bridges. “Many showcase alternative ways to be a part of the real estate game. It makes the average person want to play, too. Rentvesting gives them an avenue.

”The future of rentvesting

It’s hard to say whether the practice of rentvesting will grow or dwindle in the years ahead. If the cost of buying a primary residence in major cities stays high, frustrated potential buyers might continue to look elsewhere for alternatives, says Hale.

In fact, according to real estate pundits, the practice could expand.

“We very well may see this trend rise in the coming years,” says Ameer, “even to where people own a home in another state versus a different neighborhood and rent that out. Some are already doing this now.”

Indeed, the staying power of rentvesting might prove to be strong.

Mark Hoeft ~ 850-525-2765 ~ ~ The Florida Coast Realty Pensacola


Sir Robert Laird Borden (Canadian prime minister) – 1937
Spencer Tracy (actor) – 1967
Louis L'Amour (author) – 1988
John Gotti (gangster) – 2002
Ray Charles (singer) – 2004
John A. Eddy (solar astronomer, coined the term Maunder Minimum) – 2009
Gordie Howe (hockey player) – 2016

Advice of the DaY

Fruit trees will drop a few fruits this month—no cause for alarm unless it’s excessive.

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