Stability’ for Home Sales
Mortgage Rates Inch Backward, Borrowers saw a little relief from recent increases. Mortgage rates ped slightly this week, with the 30-year fixed-rate mortgage averaging 4.59 percent, Freddie Mac reports.
“This stability is much needed for home sales, which have crested because of the multiyear run up in prices, tight affordable inventory, and this year’s higher rates,” says Sam Khater, Freddie Mac’s chief economist.
“Going forward, the strong economy will support the housing market, but with affordability pressures mounting, further spikes in mortgage rates will lead to continued softening in home price growth.”
Home prices are still climbing and rates are up from 3.90 percent a year ago. “Some prospective buyers are definitely feeling an affordability crunch,” Khater says.
Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 9:
Selling or Buying a home is all about the details. Pay special attention to the steps and always consult your realtor if you have any questions or need some guidance. When you work with a real estate professional Carriene Porter of Precision Realty & Associates, you’re guaranteed to get the expertise and advice you need to Buy your Dream home.
#RealEstateForSale #Homeownership #UtahRealEstate
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