With today's interest rates at 7.63%, buying a typical existing condo at $353,800 would mean a monthly mortgage payment of $2,004.
This week, mortgage interest rates inched upwards and closer to the 52-year average (7.74% since 1971) by hitting 7.57%.
Consumer prices are not fully compliant, though they have decelerated from last year.
Despite high figures, 336,000 in September, over 4 million more jobs compared to pre-covid March 2020 numbers, it does not mean all is well.
The 30-year fixed mortgage interest rate now sits at 7.49% as of October 5, 2023, up from 7.31% last week.
Overall, the number of mortgage loan applications has been steadily increasing since 2010, but recent events caused a sharp decline in the numbers from 2021, even though the count of NAR members are on the rise.
Housing market activity this August declined 0.7% from July 2023 to a 4.04 million seasonally adjusted annual rate.
The 30-year fixed rose this week to 7.31% from 7.19%, the highest level since December 15, 2020.
As low-interest loans mature at higher rates, all commercial real estate sectors face challenges. Higher vacancy rates and slower rent growth remain the dominant trends of the current market.
Recent data on residential REALTOR® safety looks at how professionals in the field are taking proactive steps to protect themselves while serving their clients.
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