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Home Mortgage Rates

Creative Team
Creative Team October 30th, 2023

10/19/2023: The national average for 30-year fixed home mortgage rates is now over 8%. This is to be expected as inflation continues. Investors in mortgage-backed securities of course want a return that protects them from inflation plus returns some profit. Until out of control government spending is brought under control, I’m afraid that we won’t see a return to lower rates.

As a result of the increase in home mortgage interest rates, existing home sales have slid to a 13-year low. This is the slowest month since October 2010.

You would think that with lower demand for existing home sales, that home prices are dropping. In Utah County, just the opposite is happening. The median sale price/sf of single family homes has increased from $193.55/sf in January to $205.45/sf in September 2023.