Rates Above 7.625% Last Week. How Did Portland Metro Real Estate Do?
Posted by Lauren Perreault on Monday, October 16, 2023 at 9:43 AM
By Lauren Perreault / October 16, 2023
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Rates Above 7.625% Last Week. How Did Portland Metro Real Estate Do?
- Residential interest rates ended last week with the 30-year fixed mortgage at 7.625% (best case scenario), with most lenders at 8%, if not more.
- The Average Sale Price was Down another 5% from the previous week and Down 4.5% compared to Last Year at this Time. These numbers are more indicative of what was happening in our market 3-6 weeks ago when these homes were placed in purchase agreements. This number feels a little anomalous, and will be one we watch closely next week.
- More reflective of our current market, the number of New Purchase Agreements entered into by buyers and sellers came in at about 11% off the previous week's surprise high. The number was still higher than we expected given current mortgage rates.
- Mortgage rates did recede earlier this week, dropping from 7.625% to 7.375%. Again, these numbers are the best case scenario for the 30-year fixed – conventional loan. However, it looks like rates might be inching back up.
![Your Home Purchasing Adventure [INFOGRAPHIC] Photo](https://assets.site-static.com/blogphotos/thumb/2295/10411-blog-cover-photo-525-350-px-18-.jpg)
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