Strange Stats in Portland Metro Real Estate this Week. Mortgage Rates Start to Slide with More to Come?

  • The Average Sale Price Surged Up by a whopping 7% from last week's number, ending 6.6% Higher than Last Year at this time.  This number is markedly out of line with the numbers we've been seeing recently.  So, expect some moderation next week.        

  • The number of New Purchase Agreements came in Slightly Higher than last week's modest number but remained Down about 13.7% vs the same time last year.  

  • Mortgage Rates ended last week in the range of 7.75% to 8.5% for the 30-year fixed. However, this week the 10-year treasury started to recede, bringing rates as low as 7.0% on Friday morning (best case scenario), with the possibility of more reductions to come.

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