Housing Market Update w/e 10/28/23

In the last couple of weeks we’ve seen somewhat normal moves in the housing market as it continues to cool down for the winter. Closings and listings are about 12% lower in October 2023 then they were in October 2022.

In terms of the economy, most notable was the FOMC decision to hold the base rate and not increase it, which may result in mortgage rates tapering, or even coming down slightly in the next week.

The mortgage spread continues to be elevated, suggesting there is continued stress and uncertainty in the mortgage market, however, we may see that spread coming down in the next few days because of the Fed decision to hold the base rate at 5.25-5.5%.