Mortgage rates inched up again this week, marking the second consecutive rise. While there's no major U.S. news behind the shift, global developments may be contributing—France's prime minister stepping down and Japan's new leadership signaling plans to print more money.
At the same time, Austin's housing market is shifting in a way that gives buyers more negotiating power than we've seen in recent months.
Market Insights
Mortgage Rates Climb: The average 30-year fixed rate hit 6.34% this week.
Fed Rate Cut Expected in October: BofA Global Research moved up their forecast, citing signs of a cooling labor market.
Austin Inventory and Price Cuts on the Rise: Active listings are up nearly 14% year-over-year, and over 59% of homes on the market have had at least one price reduction.
What This Means for You
If You're Buying: You now have more homes to choose from, and sellers are more open to negotiations.
If You're Selling: This is no longer a "list it and forget it" market. Homes need to be priced right, staged well, and marketed strategically.
If You're Investing: Ask me about new development opportunities at the early stages.
