Here’s where the market is at: Mortgage rates have climbed to a 3-month high, home sales will likely remain soft in October and November until rates start coming down again. But new home sales last month reached the highest level since May 2023 as new housing markets benefited from low rates in September. Since rates are back to 7% recently, sales will likely slow down, which is good for buyers. We are hoping rates can gradually come down in the coming months due to better-than-expected inflation concerns–all according to the latest data from the National Association of Realtors (NAR).
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