Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard talk about the state of home sales and inflation. The PCE came in right on target at 2.1%, where the Fed was expecting. This is one of the Fed’s primary gages for inflation. Housing inflation has slowed a bit, and sales haven’t increased as much due to affordability still being an issue due to these high interest rates. The Fed is shooting for 2%, but we are still at 2.6%. This article from Reuters.com says “U.S. existing homes sales slide to 14-year low; prices stay elevated” due primarily to interest rates being elevated.

Our second article from National Mortgage Professionals says “Sales of new homes continued to increase in September.” So existing homes have decreased but new homes are giving us a bump. Thankfully builders are building in the first-time homeowner price range. In light of the PCE report, the chances of an additional rate cut next month is 90%. And who knows how the upcoming election will effect housing. As mortgage professionals we just need to stay positive for our borrowers and clients. Listen in as we discuss this and more!

Listen in to learn about this and more!

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