November 2024 Housing Market Update and Mortgage Rate Outlook | Wendolyn Perdue | EXIT REALTY CAHABA

news

November 2024 Housing Market Update and Mortgage Rate Outlook

November, what FALL do you offer for National Interest Rates

Wendolyn Perdue, REALTOR®

Exit Realty Partners

As we enter November, we're seeing some interesting shifts in the housing market. October marked the 12th consecutive month of growth in home inventory, with a notable 29.2% increase in available homes compared to last year. This is the highest inventory level we’ve seen since 2019, signaling a broader range of options for buyers as we head into the end of the year.

However, with significant events like the 2024 election and the Federal Reserve’s upcoming interest rate decision, we expect mortgage rates to remain volatile. Despite the uncertainty, there’s a silver lining: mortgage rates appear to be reaching a peak, and experts like Freddie Mac don’t expect them to hit the highs we saw earlier this year.

Here’s a quick look at today’s national average rates:

7.00% for a 30-year conventional mortgage

6.45% for a 15-year conventional mortgage

6.55% for FHA loans

6.55% for VA loans

For those considering buying or selling, this shift in the market presents unique opportunities. As always, feel free to reach out if you have questions about what these changes mean for you. Let's make your dream home a reality!

Have a wonderful day!

— Wendolyn Perdue, Realtor "Your Dream Home to Reality, the Key to Equity!"

Rates announced in courtesy of Mrs. Illiana Byrd, Mortgage Loan Officer at Guild Mortgage

Here are some other articles you may find useful

5 MIN READ

The Ultimate Guide to the Homebuying Process for First-Time Buyers

The Ultimate Guide to the Homebuying Process for First-Time Buyers by Wendolyn Perdue, Realtor Exit Realty Partners Purchasing your first home is an exciting and life-changing experience, but it can also feel overwhelming. There are man

6 MIN READ

Hey YO!!!! Ho HO HOOOOO! Lets skip these holiday decor trends in 24!!!!

6 Holiday Decor Trends to Skip in 2024, According to Experts November 4, 2024 Christmas decorating trends seem to be changing more quickly each year. With so many popular new ideas and color schemes every holiday season, it's hard to know

5 MIN READ

What Veterans Need to Know in the Home Buying Process

The Unique Needs for a Veternan and Serviceman by Wendolyn Perdue, Realtor with Exit Realty Partners The journey to homeownership is an exciting one, especially for veterans who have served our country with dedicatio

5 MIN READ

The Ultimate Guide to the Homebuying Process for First-Time Buyers

6 MIN READ

Hey YO!!!! Ho HO HOOOOO! Lets skip these holiday decor trends in 24!!!!