• Rocket Mortgage has introduced a program called ONE+ that allows low to moderate-income individuals to purchase homes with a down payment as low as 1% of the home's purchase price, eliminating the need for mortgage insurance.

• The program is backed by government agencies Fannie Mae and Freddie Mac, with Rocket contributing 2% of the borrower's loans.

• Approximately 90 million people in the U.S. meet the qualifying guidelines, and the program is available in all 50 states. While some private lenders offer similar programs, Rocket Mortgage's initiative aims to avoid irresponsible lending practices and prevent a repeat of the subprime loan crisis.

Today’s mortgage rates

• Mortgage rates today have shown a slight decrease, with the average APR on a 30-year fixed mortgage dropping to 7.14%. The 15-year fixed mortgage APR remains unchanged at 6.58%.

• Looking ahead, experts forecast that 30-year fixed mortgage rates may fall within the 5% to 6% range later in 2023, though some predict potential increases. The Federal Reserve's monetary policies and efforts to control inflation have influenced mortgage rates, but a pause in rate hikes could lead to a downward shift in rates.

• Various economists offer predictions, with some anticipating rates in the 5% range by the second half of 2023. While rates reached a 20-year high in late 2022, it remains uncertain if they will trend lower as the Fed's policies evolve and inflation eases. As a result, borrowers may face higher monthly payments due to the increased costs of lending.

• Pickleball is experiencing significant growth as a sport, and this trend is now being reflected in real estate listings, particularly in the Sacramento region. The mention of pickleball in real estate listings has increased, with nearly 900 references to the sport over the years.

• This growth is attributed to the construction of pickleball courts in new neighborhoods and the conversion of tennis courts to accommodate pickleball. Some notable neighborhoods with pickleball courts include Sun City Lincoln Hills, Sun City Roseville, and McKinley Village.

• Valuing pickleball courts can be a complex task due to the variations in features and quality among different courts. One approach is to use paired sales analysis, although finding two highly similar homes where one has a pickleball court can be challenging. Another method is cost-less-depreciation, which considers not only physical depreciation but also functional obsolescence. By identifying other auxiliary features with contributory value, such as swimming pools or detached guest houses, and applying a reasonable discount, an estimate can be made for the value of the pickleball court.

💥The impact AI will have on real estate

👔Private equity real estate investors have been closing fewer deals in recent months, with transactions below pre-pandemic levels in the first quarter of 2023.

 🗽Leaving New York for Miami can save you nearly $200,000