Current Market Update for Buyers and Sellers
10/5/20 The housing industry continues to move forward through 2020. According to the National Association of Realtors, August's pending home sales were up 8.8% over July. When viewed on an annual basis, pending home sales are up 24.2% Interest rates continue to remain low. This week's Freddie Mac average on a 30 year fixed-rate mortgage is 2.88%. Whether purchasing or refinancing, these rates give consumers more spending power. According to a quote from Lawrence Yun, NAR's chief economist, "Tremendously low mortage rates, below 3%, have again helped pending home sales climb in August. Additionally, the Fed intends to hold short-term fed funds rates near 0% for the foreseeable future, which should, in the absence of infationary pressure, keep mortgage rates low, and that will undoubtedly aid home buyers continuing to enter the marketplace." This is obviously important for buyers, as low inventory and high demand make for higher home prices.
RONALD JELENIEWSKI
Berkshire Hathaway HomeServices
Silverhawk Realty
CALL: 208 871.4170
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