Heads up! Great article on the declining home sales due to the inevitable increase in interest rates. Read up!
“Existing home sales fell 3.4% in September causing home sales to tumble more than 4% from a year ago this time, according to the National Association of Realtors.
Sales are now clocking in at a seasonally adjusted rate of 5.1 million, down from 5.37 million in September of 2017.
“This is the lowest existing home sales level since November 2015,” said Lawrence Yun, chief economist at NAR. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur under-performing sales activity across the country.”
Interest rates are on the rise. Mortgage interest rates averaged 4.85% on a 30-year fixed-rate mortgage for the week ending October 18, according to Freddie Mac. The 15-year adjustable rate mortgage averaged 4.26% while the 5-year ARM averaged 4.1%. Last year, this time, mortgage rates were under 4%.”
Read more here : https://gateless.com/articles/close-buyers/existing-home-sales-down-as-interest-rates-rise?CampaignId=492
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