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Daily News: Buyers could benefit from stabilized mortgage rates


Mortgage interest rates have shown minimal increases this week, with the 30-year fixed-rate mortgage averaging 6.19%. Despite slight fluctuations, rates remain at their lowest in over two years, providing home buyers with increased buying power. However, while interest rates are favorable, home prices continue to remain high, complicating affordability for many prospective buyers.

Inventory in the housing market is starting to pick up, with 1.35 million existing homes on the market in August 2024—the highest inventory level since fall 2020. This increase in inventory, combined with slower home sales, could provide buyers with more leverage in the market. However, the increase in supply has not translated into lower prices as demand continues to outpace supply.

Despite national data indicating record-high median home prices, there is substantial variation across different metro areas. While some areas have seen significant increases in median list prices, others have experienced little to no change or even decreases. Ultimately, individual homebuyers should focus on their personal financial situation and needs rather than national housing market trends.

Forecasters predict only slight decreases in interest rates through the end of the year and into 2025. With a combination of favorable interest rates and increasing inventory, now could be a good time for buyers to enter the housing market. However, high home prices remain a challenge for many prospective buyers.

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