The mortgage market continues to improve for home buyers. The 30-year fixed mortgage interest rate hit an average of 7.03% this week.
In October 2023, the pending home sales pace declined 1.5% from the previous month and fell 8.5% year-over-year.
Mortgage interest rates fell to 7.22% from 7.29% last week; the drop from the October peak of 7.79% translates into significant mortgage savings.
NAR released a summary of existing-home sales data showing that housing market activity this October declined 4.1% from September 2023.
The three-week drop in mortgage rates is a steady sign that they have likely hit a peak and are headed down.
Let's take a look at some of the most interesting findings from the 2023 Profile of Home Buyers and Sellers.
National median home prices rose by 1.1% compared to the previous quarter and 2.2% year over year to $406,900.
The 30-year fixed mortgage interest rate dipped lower to 7.5%, falling one-quarter of a percent and hitting the lowest point in a month.