![]() ![]() Mortgage rates took off in mid-July and hardly looked back with the average 30-year fixed rate peaking at 7.23% the week of August 24. At the same time, high inflation and more interest rate hikes still hang in the air. Housing market activity remains weak overall thanks to high mortgage rates, elevated home prices and constrained housing inventory-a trifecta of headwinds perpetuating the housing affordability crisis. Housing Market Forecast for September 2023 These and other factors perpetuate the perfect affordability crisis storm that continues to sideline many aspiring homeowners. regions posting year-over-year sales declines, according to the National Association of Realtors (NAR).ĭespite ultra-high mortgage rates and home prices, the market remains as competitive as ever, thanks to demand levels surpassing the ongoing inventory crunch and homeowners who locked in low interest rates staying put. Meanwhile, year-over-year existing monthly home sales sagged in July for the second consecutive month, slipping by 2.2% to a six-month low, with all four major U.S. ![]() As of September 7, the average 30-year fixed mortgage rate stands at 7.12%, according to Freddie Mac. The national average 30-year fixed mortgage rate blasted through 7% in mid-August, reaching a 2023 high of 7.23%. As temperatures continue to sizzle, the housing market continues to fizzle, with blisteringly high mortgage rates and scorching home prices becoming too hot to handle for many would-be home buyers. ![]()
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