In an era of crazy housing marketing news, the craziness continues. For the week ending October 10, 2024, mortgage rates jumped to 6.32%, the biggest increase in six months.
What is going on? Starting with inflation – it always comes back to inflation – while overall inflation is down, core inflation is up slightly.
The overall effect could quite possibly be that the Federal Reserve doesn’t make bigger cuts that are hoped for, at least in the near future.
So would-be sellers are continuing to hold onto their homes, while would-be buyers wait, just a little bit more.