On Friday, September 9, 2016 mortgage rates made their biggest leap in two years, though still holding near record lows. 30 years mortgages are now averaging around 3.5%.
The Fed is scheduled to meet September 20 and 21st. The possibility of a rate hike is unlikely, especially in the face of a somewhat weak August jobs report. However, a hike would not necessarily further boost mortgage rates as these rates tend to rise in anticipation of a hike but tend to level or fall in correction after the actual Fed announcement.
Locally, we are in the fourth year of downward trend in the number of active listings, with ever shortening listing times and sales prices holding strong at 96-98% of listing price across all areas and listing types. Condominiums…
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