Happy Monday,
Average mortgage rates as of October 24th are up!
30 year fixed rate mortgages are up 0.9 points to 6.94%
15 year fixed rate mortgages are up 1.1 points to 6.23%
5/1 year fixed rate mortgages are up 0.4 points to 5.71%
The market has seen more inflation, which is affecting interest rates, and the amount of buyers in the market. The market for the last two years has been a sellers market, with sellers receiving multiple offers on their homes, and many going under contract for much more than the list price of the home. This trend has led to an inflated house market, but low interest rates meant buyers where still able to buy expensive homes with low monthly mortgages.
In the last few months; however, interest rates have began to rise. Right now, they are double what we saw a year ago. Higher interest rates mean buyers are seeing hundreds of dollars increase on their average monthly payment, making many of them less willing to buy a home, unless they really have to.
Many sellers are also noticing that they aren't able to list their homes at such high prices, and many have had to drop their list price while their home is listed in order to obtain any offers at all.
https://www.floridarealtors.org/news-media/news-articles/2022/10/sellers-time-market-doubles-spring
