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.
BIG STORY DATA
Stay up to date on the latest real estate trends.
August 21, 2024
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