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Posted on October 9, 2018 - 01:12 PM
by Rene Ferland
Important notes this month on the mortgage interest rate increase. The Federal Reserve has raised the target federal funds rate by 0.25%. This is the 3rd consecutive increase with the possibility of 3 more increases in 2019. We’ve had a total of 4 increases in 2018. We may have another 1 and ½ years of rate increases according to the projections from the Federal Reserve. The Fed does not control the actual mortgage rates in the US, but they sure do set the tone, and the 30 year fixed loan is currently around 4.8% with a half a point. The rate increases have affected the average time a home is on the market, and the national average is now around 45 days. Inventory is beginning to creep up as the market starts to flatten out. If you’re still thinking about buying or selling this year, you don’t want to wait. If you want further information or details, give me a call.
Below is a look at the current number of homes for sale and pending in our local market.
Ferland Market Update
Alameda & Contra Costa County 10/09/18