In a recent article from Housing Wire, mortgage rates have recently decreased, with the 30-year fixed mortgage rate averaging 7.29% as of November 22, down from 7.44% the previous week but up from 6.58% a year ago. Despite the drop, potential homebuyers are hesitant, waiting for even lower rates and increased housing inventory. Existing home sales have hit a thirteen-year low, attributed to buyers’ reluctance and affordability challenges. New construction starts showed strength in October, contrasting with the slump in existing-home sales.
Key Points:
- Mortgage Rate Movement: The 30-year fixed mortgage rate has seen a recent decline, dropping half a percent in the last few weeks. However, it remains relatively high at 7.29%, contributing to potential homebuyers holding out for further rate decreases.
- Market Dynamics: Affordability pressures and a desire for lower rates have led to a slowdown in existing home sales, reaching a thirteen-year low. New construction starts, on the other hand, have shown surprising strength in October, creating a contrast in the housing market.
That’s it for today! Wishing you a Thanksgiving filled with warmth, gratitude, and the joy of cherished moments with loved ones.
Reference: https://www.housingwire.com/articles/mortgage-rates-continue-falling-before-thanksgiving-freddie-mac/
