Real Estate January 31, 2024

Mortgage Giant Expects Busy Home Buying Spring

The average 30-year fixed-rate mortgage has remained in a narrow range over the last month and now stands at 6.69 percent, according to Fannie Mae.  This was up just 0.09 percent from the prior week and down from 7.79 percent which was hit October 26.

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market,” the report continued. “Despite persistent inventory challenges, we anticipate a busier spring home buying season than 2023 with home prices continuing to increase at a steady pace.”