Market Update
Quick Take:
The average 30-year mortgage rate began 2024 at 6.62% and has risen to 7.22% by May, marking the third year of elevated rates. Initially, economists predicted rate cuts, but inflation stalled around 3%, causing the Fed to maintain the federal funds rate at 5.25% to 5.50%. This has led to higher mortgage rates, which increased 0.6% this year, with most of the rise occurring in April.
Higher rates have slowed the housing market, decreasing affordability. April saw a 7% rise in monthly home costs, with a 13% increase from January to April. Sales dropped 4.3% last month, an unusual trend for spring, despite a 4.7% rise in inventory. Buyers are becoming pickier as prices rise, leading to an overall market slowdown.
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