In Case You Missed It: Week of 09/25/17

In case you missed some of the recent housing news, we’ve got you covered!

FOMC Adjusting Rates after Hurricanes

Following the recent hurricanes, the Federal Open Market Committee (FOMC) is closely monitoring economic activity. Here’s what you need to know:

Have Home Prices Peaked?

With high demand and low inventory, home prices have been on the rise. New reports find they could have hit their limit:

  • Home prices peaked this past March; since then, price gains have been declining monthly. July’s price gain, against last year’s, stabilized at 6.2%.
  • The jump in millennial home buyers may also be a link to this trend. As new home owners, one of their biggest needs in a home is affordability.
  • Although we are still in a competitive market, we may finally see a decline in bidding wars.

Higher Mortgage Rates Aren’t Stopping Buyers

For the first time in 7 weeks, the average 30-year fixed mortgage rates increased from an average of 3.78% to 3.83%.

 

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