Interest Rates and Chattanooga Closed Sales Are Down but Home Prices Are Up

The latest inflation numbers from March are down to 5%. Inflation going down leads to mortgage interest rates going down.  Freddie Mac has mortgage interest rates down to 6.27%.  The Federal Reserve staff have reported that the country will mostly likely experience a mild recession by the end of the year.  That would also push mortgage interest rates down.  Lawrence Yun, the chief economist for the National Association of Realtors reports on interest rates, "Mortgage rates slipping down to under 6% looks very likely towards the year's end."

Closed home sales in Chattanooga were down by 6.5% in March.  At the same time, Chattanooga home prices went up by 5%.  The days that homes are on the market in Chattanooga are up from 19 days a year ago to 36 days in March, so home buyers are buying a bit slower.  Some of the inventory numbers are up, but the inventory of homes for sale in most areas is still tight.   

Home buyers, you have a bit more to choose form in some areas of Chattanooga as a home buyer right now, but pricing is not going down.  Your interest rate is going down, which will make your monthly payment less. 

Home sellers, prices are still good and you should still be able to sell your home quickly.

 

Call Nathan Walldorf to sell or buy a home. 423-544-7700.