MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 10/14/2024 – 10/21/2024
Let’s see what the market’s doing this week in the Riverdale area of the Bronx.
Did You Know?
* As of August 2024, over 8.2 million people were employed in the construction industry in the US, the highest number since the 21st century. The construction industry is a major contributor to the US economy, creating almost $2.1 trillion in structures annually. The average US homebuilder is 57 years old. Employment of construction laborers and helpers is projected to grow 7% from 2023 to 2033, which is faster than the average for all occupations. (CNBC)
Mortgage Rate Updates
The average rate on a 30-year fixed mortgage rose further to 6.44% as of October 17th, 2024, its highest level since late August, up from last week when it averaged 6.32%, according to Freddie Mac. A year ago at this time, the average rate for a 30-year mortgage was higher at 7.63%. “The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5%,” said Sam Khater, Freddie Mac’s Chief Economist. “In general, higher rates reflect the strength in the economy that is supportive of the housing market. But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders.”
Source: Freddie Mac
