Is 8% next?

Green Escrow | Real Estate News

As 30-year fixed-ate loans continue to rise – 7.49% as of October 5, 2023 – the question is, how much higher can they go? And the  answer, of course – as with all things dealing with the housing market – is, no one knows.

What we do know, however, is that new listings continue to drop, which means that prices continue to rise.

According to analysts, there are still “eager homebuyers” out there. Whether they can find anything and actually be able to afford it, is another question.

Mortgage rates at highest mark since 2000

Green Escrow Services | American economy

When the Federal Reserve didn’t raise interest rates last week, the move was seenlikely to benefit the housing market. Wrong! For the week ending September 28, a 30-year fixed-loan is now 7.31% – the highest rate since 2000.

Meanwhile the median listing price climbed 1.1 percent and new listings were down 7.5%.

Meanwhile, those who can afford a home are still anxious to close the deal.