WEEKLY MARKET UPDATE October 6th, 2024
Welcome to the first week of October! As the year flies by, I sincerely thank you for reading my articles. Whether you’re buying, selling, or just staying informed on market trends, I’m grateful to be part of your real estate journey.
This week, mortgage rates continued to rise despite the Fed’s recent rate cut, driven by solid job growth and less-dovish remarks from Fed Chairman Jerome Powell. While the bond market reacted cautiously, there’s still optimism as lower mortgage rates are starting to spark demand. Applications rose 9% year-over-year, and pending home sales climbed 0.6% in August.
Active inventory is also up, hitting 941,000 homes—the highest since January 2020—though still below pre-pandemic levels. Interestingly, 34% of the inventory came from Florida, Texas, and California.
Meanwhile, mortgage rates have risen 14 basis points since mid-September, with many homeowners holding onto historically low rates. Still, about 16% of mortgages are above 6%, leaving those homeowners locked in.
The market is anticipating more Fed rate cuts, and with so much data in play, it’s been an exciting ride.