October Market Update
Monday, November 7th, 2022
๐๐๐ญ๐จ๐๐๐ซ ๐๐๐ซ๐ค๐๐ญ ๐๐๐ฉ๐จ๐ซ๐ญ |Year over Year Change
Central Corridor
๐๐ฏ๐๐ซ๐๐ ๐ ๐๐๐ฅ๐ ๐๐ซ๐ข๐๐ $608,269 |+5.3%
๐๐ฏ๐๐ซ๐๐ ๐ ๐๐ซ๐ข๐๐ ๐ฉ๐๐ซ/๐๐ช๐๐ญ. $252 | +4.1%
๐๐จ๐ฆ๐๐ฌ ๐๐จ๐ฅ๐ 157 | -14.2%
๐๐ฏ๐๐ซ๐๐ ๐ % ๐จ๐ ๐๐ข๐ฌ๐ญ ๐๐ซ๐ข๐๐ ๐๐๐ข๐ 99.5% | +0.2%
๐๐ฏ๐๐ซ๐๐ ๐ ๐๐๐ฒ๐ฌ ๐จ๐ง ๐๐๐ซ๐ค๐๐ญ 31 | -20.5%
๐๐จ๐ง๐ญ๐ก๐ฌ ๐๐ฎ๐ฉ๐ฉ๐ฅ๐ฒ ๐จ๐ ๐๐ง๐ฏ๐๐ง๐ญ๐จ๐ซ๐ฒ 1.8 | -18.2%
๐๐๐ญ๐ข๐ฏ๐ ๐๐ข๐ฌ๐ญ๐ข๐ง๐ ๐ฌ 330 | -27.6%
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Instant Reaction: Mortgage Rates
'The Federal Reserve approved another jumbo rate hike, but mortgage rates still dropped below 7% last week. According to Freddie Mac, the 30-year fixed mortgage rate fell to 6.95% from 7.08% the previous week. Investors usually react based on their expectations and don't wait until the day the Fed makes its move. It is also promising that this was likely the last rate hike of this magnitude, as indicated by the Fed.
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A return to the sky-high interest rates of the 1980s isn't likely in today's economy, but let's compare the monthly mortgage payment now with the payment of 40 years ago in today's money. In real terms, after adjusting the median home price for inflation, the monthly mortgage payment was about $450 higher in 1982 than it is now. If mortgage rates were currently 9%, the monthly mortgage payment would be comparable to 1982 rates. Thus, in real values, current buyers pay less for their home purchase than buyers who purchased their home 40 years ago, although home prices are significantly higher now."
- Nadia Evangelou, Senior Economist NAR
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