Interest Rates Drop Like a Stone. Enough to Kick us out of Holiday Doldrums?

  • The Average Sale Price was Up by a Hair form the previous weekbut down by 1.7% vs last year's number.  Our overall trend of prices averaging out a bit higher than last year seems to still be holding.      
  • The number for New Purchase Agreements was Up 8% over the previous week, but still ended up about 11% Below Last Year's Number.  Transaction volume still remains suppressed by affordability problems.  
  • We received continued good news on the Economy, Inflation and Employment, leading the Fed board to announce a hold on raising rates with likely cuts coming in the New Year.  That sent the stock market soaring and mortgage rates plummeting.  
  • Mortgage Rates Dropped to 6.125% (best case scenario) for the 30-year fixed this week.  How significant is this?  Folks who purchase a home just 6 Weeks Ago with a 30-year fixed mortgage at 7.75% (likely more) might want to consider refinancing already!

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