Housing market activity this August declined 0.7% from July 2023 to a 4.04 million seasonally adjusted annual rate.
The 30-year fixed rose this week to 7.31% from 7.19%, the highest level since December 15, 2020.
As low-interest loans mature at higher rates, all commercial real estate sectors face challenges. Higher vacancy rates and slower rent growth remain the dominant trends of the current market.
Recent data on residential REALTOR® safety looks at how professionals in the field are taking proactive steps to protect themselves while serving their clients.
The safety of commercial REALTORS® is a paramount concern, and understanding the measures taken to ensure it is crucial.
Mortgage interest rates remained relatively steady in the last week at an elevated rate of 7.19% for the 30-year fixed.
The Fed is on pause and needs to wait and not raise rates. Possible interest rate cuts then need to be considered once inflation is fully under control.
At the national level, housing affordability was flat in July 2023 compared to the previous month.
After last week's dip, mortgage interest rates for the 30-year fixed are back up to 7.18% from 7.12%, making the monthly payment on a typical single-family existing home $2,234.
Overdoing the rate hikes, considering that inflation is likely to calm, will unnecessarily damage the economy.
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