Mortgage rates continue to hold at a 2-month low
The national average for mortgage rates has maintained its gains from last week and has held at a 2-month low for the past week. A fixed rate, 30-year mortgage has a national average of 6.61%. That’s down over half a point from the previous highs. If inflation continues to cool, home buyers may get the relief they’ve been looking for.
How has rent changed in the past few years?
It’s been a tough few years for renters, but there have been positive developments. The good news is that rent growth has slowed for five straight months as of September 2022. The bad news is that rent is still, on average, up 10.2% from September 2021, and up 22.6% compared to September 2020.
Has the housing price correction already started?
Housing prices have started to adjust, but it really depends on the market. Fortune has put together an interactive map to show how housing prices have changed from their 2022 peak. Among the 400 largest housing markets in the U.S., 219 have seen prices fall from their highest levels. The average decline across the country is 2%.
Home prices in the Southwest, including parts of California and Arizona appear to have cooled off at the largest percentage. Other areas in the western part of the country that have seen dramatic changes include the Seattle metro area, Salt Lake City, and Boise.
When it comes to areas that are still at or near their peak, they’re mostly concentrated in the eastern part of the country. The majority of the larger markets in then Northeast are still at or near their peak.
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