The market is sure feeling more active then it did this time last year and the number of new listings and our office's under contract stats will confirm.
It seems as if we're past the adjustment period- it was quite the adjustment going from the covid market, to the post covid wind-down, followed by the interest rate increases.
As far as the rates go, and per the Freddie Mac economists, they've been showing little movement, hovering around 6.8%. Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.
Source: https://www.freddiemac.com/pmms
Questions or thoughts? Feel free to reach out- we'd be happy to chat.
Amanda
