Good afternoon, and welcome to a new week!
Mortgage rates are up! Last week, we saw a small drop in rates, which we all hoped would be the start of the trend, but rates are back up this week. Lets take a look:
A year ago, interest rates stayed almost consistently between 2.5% and 3.5%, so for buyers that have been in the market for a while, these numbers might seem discouraging. However, we think it is very important that buyers know that they should not be discouraged! Most lenders are now working on don payment assistant programs for their borrowers to combat buyers that need a place to live, but do not have the funs needed for a down payment to buy.
While we are experiencing inflation in gas prices, groceries, eating out, homes are the one asset that also inflate, but in your favor when you own! Did you know, nationwide, home sales have dropped 25% is year? In Lake City, we saw 73 new listings 2 weeks ago, and 65 this past week. 64 homes went under contract in the last 7 days, compared to 57 the week before. and for closings, we saw 59 last week, and 59 the week before.
Thanks for reading!
https://www.freddiemac.com/pmms
https://www.usnews.com/news/economy/articles/2022-10-17/economic-week-to-be-focused-on-the-rapidly-slumping-housing-market
https://www.floridarealtors.org/news-media/news-articles/2022/10/inflation-pressuring-fed-keep-raising-rates
