Jobs are still being added to the economy, with 199,000 net new payroll gains in November 2023.
The 30-year fixed mortgage interest rate hit an average of 7.03% this week. In just 6 weeks of decline, this makes a considerable difference for a home buyer purchasing a $400,000 home.
In October 2023, the pending home sales pace declined 1.5% from the previous month and fell 8.5% year-over-year.
Mortgage interest rates dropped again to 7.22% from 7.29% last week; the drop from the October peak of 7.79% translates into a $125-a-month savings on a $400,000 mortgage.
NAR released a summary of existing-home sales data showing that housing market activity this October declined 4.1% from September 2023.
The three-week drop in mortgage rates is a steady sign that they have likely hit a peak and are headed down.
Mortgage rates are plunging with the news of inflation calming. The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously.
Let's take a look at some of the most interesting findings from the 2023 Profile of Home Buyers and Sellers.
National median home prices rose by 1.1% compared to the previous quarter and 2.2% year over year to $406,900.
Housing consumers have a bit of relief this week as the 30-year fixed mortgage interest rate dipped lower to 7.5%, falling one-quarter of a percent and hitting the lowest point in a month.
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