As we head into the holiday season, the housing market is starting to show some exciting opportunities for homebuyers!
Let’s take a look at the latest trends shaping the market…
🏠Mortgage Rates Stabilize at Elevated Levels
The average 30-year fixed mortgage rate is holding steady around 7.3%, offering some predictability after months of volatility. While still higher than the historical averages, these stabilized rates are providing clarity for buyers planning their next move.
The Federal Reserve is set to meet again mid-December to discuss a potential rate cut, and will hopefully provide more clarity on their approach to rate cuts in the coming year.
🛠️ Increased New Construction
Nationally, inventory levels are down by 12% compared to this time last year, contributing to ongoing challenges for buyers. However, builders are ramping up efforts to meet demand, leading to more new homes entering the market.
This expansion in inventory provides buyers with a wider selection and may help moderate price growth. For now, sellers hold some negotiating power, but buyers with strong offers are still finding success in this competitive environment.
đź”® What’s Next?
Are you considering your next steps in this market? Morty’s team of loan officers is here to guide you. Connect with one of our local officers at any time.
Looking for a local expert?
Connect with a Morty loan officer to talk through your buying power today.
