Mortgage Rates Tick Down and Housing Market Update

Mortgage Rates Tick Down

While affordability remains a factor affecting homeownership, the housing market is poised for growth due to several positive factors. The economy is stable and thriving, with steady job and income growth contributing to its strength. Additionally, household formation is increasing at a faster pace than before the pandemic, indicating a growing demand for homes. Mortgage rates have remained steady for the past couple of months, but with inflation slowing down, experts predict a further decline in rates. These favorable conditions are expected to provide a solid foundation for the housing market in the coming months.

United States Housing Market Update

Home prices nationwide were up 3.7% year-over-year in December. At the same time, the number of homes sold fell 7.9% and the number of homes for sale fell 6.1%.

Local Housing Market Update

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