The Fed raised policy rates by 1/4 point this week. Mortgage rates remained mostly unchanged as a result as the two are not tied together directly.
The Fed is expected to raise it’s policy rate again in December. They are also forecasting 3 additional hikes in 2019 if the strong economy continues. Low numbers of unemployed and increasing inflation contribute to these hikes.
National average for home prices are still rising but at a slightly slower pace. Case-Shiller says prices rose 6% annually in July down from 6.2% in June.
Pending home sales were down again in August. This is 4 months of decline in the number of pending sales. Tight inventory, rising interest rates on mortgages and short term debt, and increased prices are all leading to the slower number of sales.
Local market conditions seem to reflect what is going on nationally.
Forsyth County Pending Sales
Fulton County Pending Sales
Cherokee County Pending Sales
Dawson County Pending Sales
