U.S. Metro Home Price Trends and the Federal Reserve’s Looming Decision
According to the latest report from the National Association of Realtors®, seventy-five percent of all U.S. metro markets experienced year-over-year home price increases—an indicator of both robust demand and evolving challenges for buyers and policymakers alike. Meanwhile, the Federal Reserve faces a pivotal decision next month as it weighs the possibility of a rate cut amid mixed economic signals. The economic news continues to be somewhat of a mixed bag, the CPI (Consumer Price Index) came out for July and didn't look horrible at 2.7%, but then we got the PPI (Producer Price Index) and that increased by .9%. Oh, and then there was that jobs report, which came in way lower than expected. Still, analysts are widely predicting a cut in September and investors are overall bullish, as reflected by the S&P 500 hitting three record closes in a row this week. The really good news is that mortgage rates got down to 6.5% this month, a huge boon for buyers and an incredible 81% of mortgages are sub 6%.Weekly national mortgage rates for conforming loans, top credit scores:
30 yr. fixed rate | 6.57 | ||
15 yr. fixed rate | 5.93 | ||
Provided by Mortgage Bankers Association
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