Inventory remained tight and prices continued their seasonal decline, with home sales lowing in October.
With the year-end approaching, it is expected that the Federal Reserve will likely increase interest rates therefore causing mortgage rates to increase next year.
- 30-year fixed rate: 3.97%
- 15-year fixed rate: 3.18%
- 5/1 ARM: 2.98%
- Historical average: 8.90%
- Source: Freddie Mac
Home prices continued their seasonal decline in October. The median home price fell to $219,600 according to the National Association of Realtors. That said, it was a year-over-year increase of 5.8%.
The number of homes for sale in October was down 4.5% compared to October of 2014.
If you’re looking to buy or sell a home, contact me to get started!