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After months of slowing sales and moderating prices, the housing market may be poised to rebound. Favorable mortgage interest rates have been a key driver. In the mid-January:
- The 30-year fixed rate was 4.59%. This reflects a decrease of half a point from 60 days prior.
- This marked the 10th consecutive week of flat or weekly declines.
- The number of people who applied for loans to buy a home or refinance rose to an 11-month high.
Buyers Taking Advantage of Lower Interest Rates
As we head into the peak spring home buying season, more buyers and sellers are expected to enter the market. The local economy remains strong and home prices here continue to moderate. There is an abundance of inventory, and depending on how many additional homes come on the market, prices may moderate even further.
Potential buyers who held off because of higher interest rates in the fourth quarter of 2018 will want to take advantage of today’s lower rates before they go up. All indications point to strong demand this spring.
