Mortgage Rates Are Down, Depreciation May Be Slowing
Mortgage rates closed last week at 5% for a conforming 30 year fixed rate loan with 0 points and at 4.5% with 1 point. Of course everyone is waiting to see what will happen after January 20th and what changes the new administration will make to help the housing market.
Other news worth noting is that according to preliminary data recently released from First American CoreLogic, the rate at which home values are falling may be slowing. When comparing year-over-year declines, home values decreased 11.2% in September, 10.2% in October, but only 9.6% in November.
The decrease may indicate that home value depreciation is slowing. Of course, the economists at CoreLogic point out that if the economy continues to worsen, home values could depreciate quicker. For more, click here.
We continue to be optimistic about the market, especially for buyers. Want to know more about what’s going on in Alexandria and Northern Virginia? Give me a call at 703.927.4554.