MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 5/6/2024 – 5/13/2024
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Mortgage Rate Updates
The average rate for a 30-year fixed mortgage dropped by 13 basis points from the previous week to 7.09% as of May 9th, marking a decline after five consecutive weeks of increases and reaching the lowest rate in four weeks. In comparison, the average rate for a 30-year fixed mortgage was 6.35% in the same period last year. “After a five week climb, mortgage rates ticked down following a weaker than expected jobs report,” stated Sam Khater, Freddie Mac’s Chief Economist. “An environment where rates continue to hover above seven percent impacts both sellers and buyers. Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated. These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.”.
Source: Freddie Mac
