Oct 23 • Market Updates
10/23
**Mortgage Rates**
30yr fixed: 6.15% down 3 bps WoW, multi-week low per Freddie Mac)
15yr fixed: 5.55% (down 2 bps WoW)
The Federal reserve is expected to cut the federal funds rate by another 0.25% at their October 29th meeting.
**Mortgage Applications**
Weekly change: Down 0.3% (week ending Oct 17, per MBA)
Overall demand: Strong, boosted by Sep surge
**Buyer Trends**
Ghosting: 15% of buyers canceled deals in Sep (53,000, up 13.6% YoY, per Redfin)
Hot spots: Texas & Florida (Tampa 20.1%, San Antonio 19% cancellations)
**Market Pace**
Days on market: 62 days median (up 7 days YoY)
**Pricing**
Median rent: $1,394 (down $11 YoY, per Apartment List)
**Listings**
New listings: 394,878 (Sep, -1.2% YoY, per NAR)
Price cuts: 20% of listings reduced (up 2% YoY)
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10/23
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