Housing Market Update
Mortgage rates fell from just over 8% to 7.4% on news from the Fed that they would not raise interest rates in the future and also on the report that 150,000 new jobs had been created in October. The week over week result was that mortgage rates fell 1/4% down to 7.61%. Forecasted mortgage rates in 2024 are as low as 5.25% by some estimates depending on if there is a recession and the fed needs to cut rates to stimulate the economy.
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