Where are mortgage rates as we inch towards 2024?

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Mortgage rates continue to cool off

The national average for a 30-year, fixed-rate mortgage ended the day down 0.06% to 6.61%*. The bond market continued to see low volume and little action, but the national average for a 30-year, fixed-rate mortgage rate found its way lower.

The national average for a 15-year, fixed-rate mortgage was down 0.09% to 5.95%*.

Home price growth shows continued strength in October

The S&P CoreLogic Case-Shiller Home Price Index was released on Tuesday and showed that home price growth was still strong, but not as strong as it could have been. The HPI composite for 20 cities, not seasonally adjusted, rose 0.1% MoM compared to 0.2% in the month prior.

Brian D. Luke, Head of Commodities, Real & Digital Assets at S&P DJI, stated, “Home prices leaned into the highest mortgage rates recorded in this market cycle and continued to push higher. With mortgage rates easing and the Federal Reserve guiding toward a slightly more accommodative stance, homeowners may be poised to see more appreciation.”

Will the Seattle market rebound in 2024?

A recent article from the Seattle Times reviewed the potential scenarios for the local real estate market in 2024. According to the article, there are five different factors that may impact how the housing market performs

When it comes to home prices, the local market is predicted to dip by about 1% by the end of 2024. Mortgage rates have already cooled off from their late summer / early fall peak, and may continue to cool off into 2024 if experts are right. Home inventory in the Seattle metro area will continue to be a challenge as new builds are difficult to get through local government offices.

Rental prices in Seattle are expected to increase, and commercial real estate is predicted to struggle to find tenants in 2024.

* National average rates accurate as of 12/27/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.

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