Mortgage Rates For February 21, 2024: What is a CMA in Real Estate and Do You Need One?
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If you’re getting ready to buy a new home, it can be useful to have a CMA, or a comparative market analysis. A CMA is neighborhood-specific report about home sales, and you can use it to complement your awareness of daily average mortgage interest rates.
Your local real estate agent is an ideal source of information about how homes are valued neighborhood to neighborhood, and part of that is their ability to help you get a CMA. A CMA takes a specific look at home sales in a small area over the past year. It can give you some insight as to whether home prices have risen or fallen in a matter concordant with the general market – and if not, why.
Today’s 30-year mortgage interest rates
The average daily mortgage interest rate for Wednesday, February 14, 2024 is 6.75% for a 30 year fixed rate. The rate rose 0.03% from yesterday and 0.22% from January 2024. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
Today’s 15-year mortgage interest rates
The average daily mortgage interest rate for Wednesday, February 14, 2024 is 6.01% for a 15 year fixed rate. The rate rose 0.03% from yesterday and 0.28% from January 2024. This information is sourced daily from correspondent, retail, and wholesale lenders located in the United States.
What to look at in the CMA
The CMA specifically looks at comparable properties, which in addition to location looks at factors like age and condition of the homes in question.
Is the CMA the same thing as an appraisal?
No. A CMA is a less formal process than an appraisal, and often something a real estate agent will run for a serious buyer for free to help provide an idea of the hyperlocal market. Appraisals, however, are used in a more official capacity to help financial institutions determine the value of a home.
What does a CMA include?
CMAs include things like style of home, square footage, information about the home, features in the home (such as inclusion of an in-law suite, bay window, hot tub), home construction information, and value. There’s also info about heating and cooling systems, roof age, etc.
How should you use a CMA?
As a buyer and/or seller, you can use a CMA to get a general look at what things have been like for home sales in a specific neighborhood over recent months. If you have equity in your home, it’s not a bad idea to have a CMA performed every so often so you know the value of your home.
