Lower Mortgage Rates and Increases in Inventory May Ease Affordability in Western Washington
Posted by Cary W Porter on
Market Recap
Mortgage rates are at their lowest level since March 2023 (6.35% for a 30-year fixed rate mortgage as of August 29th), and August 2024 reflected year-over-year increases in the number of active listings, new listings and pending sales. At the same time, the number of closed sales year-over-year was virtually unchanged, and median home prices rose in 20 of the 26 counties covered by NWMLS. The Federal Reserve is expected to further reduce interest rates in September, sending encouraging signals to potential buyers.
This week, mortgage rates continue to trend downward, with key economic news ahead that could influence the market further. The upcoming CPI inflation report and Treasury auctions will be closely watched this week, with…
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