Mortgage rates have dropped below 7% this week, reaching levels not seen since August, as demand for purchase loans remains flat due to tight inventories and high prices.

Despite a 0.3% decrease in demand for purchase mortgages last week, refinance applications surged 14%, indicating a potential rebound in refinancing activity.

The decline in mortgage rates is attributed to investors expecting the Federal Reserve to lower rates in the spring, driven by reports suggesting a slowdown in economic growth and three new releases indicating a loss of momentum in various sectors.

In Mesa County

There are currently 500 active homes on the market in Mesa County. This is a 4% decrease compared to last week.

The average sold price YTD is $430,044 and the median sold price YTD is $390,000.

NATIONAL MARKET UPDATE  

Realtor.com reports 7.5% more homesellers listed their properties in November 2023 than in November a year ago —the first time newly listed homes posted an annual gain in almost a year and a half.

The Mortgage Bankers Association showed purchase mortgage applications up 35% week-over-week, unadjusted. Refinance applications saw their strongest week in two months, up annually two weeks straight for the first time in two years.

A recent survey from Fannie Mae found that nearly one in four consumers think home prices will fall over the next year. However, experts predict home prices will keep rising nationally for the next five years, just at a more normal pace.

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