Weekly Housing Market Update - 9/13/24

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For the week ending Friday September 13, Chief Economist Danielle Hale recaps the latest Consumer Price Index report showing that annual inflation is down, but core inflation inched up. This mixed news, combined with the latest jobs report, leads Hale to suspect that the Fed won’t make a big rate cut, but it will be a close call.

Mortgage rates dropped this week to 6.2%—their lowest since February 2023. And they may fall further, although this will depend on the Fed’s next move. Americans also expect mortgage rates to drop, according to a review of survey data by Joel Berner.

Despite the seasonal cooling in the market, some areas continue to sizzle. The August 2024 Hottest Housing Markets report showed that Manchester, NH, near Boston continues to reign with a trio of other major east coast metros on the list of biggest movers where the market is heating up.

If you’re curious how far the Harris campaign's proposed $25,000 dollars in first-time homebuyer funds will go, we’ve identified 17 of the 200 largest markets where this amount will more than cover a 10% down payment.

Links in this week's video:

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Learn More about the home buying process: "Home Buying 101: How Do I Get Started?"
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