The latest monthly job gains of 150,000 in October are one of the weakest in the past three years. The unemployment rate rose to 3.9%, close to a two-year high.
The 30-year fixed mortgage interest rate remained nearly unchanged this week, possibly being the turning point for the relief potential home buyers and sellers need.
In September 2023, the pending home sales pace increased 1.1% from the previous month but fell 11% year-over-year.
Based on NAR Research's forecast released today, the 30-year fixed rate is expected to peak in Q4 2023 and then decline—hitting 6.9% in Q2 2024.
Between 2018 and 2022, most applicants received a mortgage rate below 3%. In 2022, most applicants secured a rate between 5.5% and 6%.
Existing-home sales reached a 3.96 million seasonally adjusted annual rate in September 2023, down 15.4% from September 2022.
Compared to one year ago, affordability fell in August as the monthly mortgage payment climbed 26.2% and median family income rose 4.7%.
With today's interest rates at 7.63%, buying a typical existing condo at $353,800 would mean a monthly mortgage payment of $2,004.
This week, mortgage interest rates inched upwards and closer to the 52-year average (7.74% since 1971) by hitting 7.57%.
Consumer prices are not fully compliant, though they have decelerated from last year.
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