The US economy is showing signs of softening, aligning with Federal Reserve’s expectations over the past months. Consequently, the housing industry, which has been grappling with a recession since mid – 2022, is experiencing significant relief.
The release of economic data indicating a weaker job market, lower inflation, and an overall growth slowdown has triggered a rally in both the bond market and mortgage rates. While the substantial drop in rates may not be immediately entice all buyers back into the market, it’s worth celebrating that the average mortgage rate is no longer lingering in the 8% range.
To both buyers and sellers, my steadfast recommendation holds – remain focused on your personal real estate aspirations and goals. The opportune time for action is whenever it makes sense for you!
Looking forward to our continued conversations.