Market Update

Mortgage rates stay close to their recent high nearly two weeks after the Fed announced another rate hike in late July. Elevated rates have been affecting buyers and sellers’ sentiment and the market will continue to observe low sales in July and August as a result. While the labor market is easing, wages continue to grow well above pre-pandemic levels, and it will take some time before the Fed is convinced that the economy is truly cooling. As such, rates could remain elevated and volatile throughout the rest of the third quarter before gradually coming down in the winter season. With the economy slowing but showing signs of mild growth, home sales could pick up in the fourth quarter as rates begin to show a more consistent declining trend.
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Selena Young | Realtor
DRE# 02073411
Coldwell Banker Realty