Pastoral Landscape, by William Edouard Scott. Available at James R. Ross Fine Art, 56th & Illinois Streets.
READ NOW April 2024 Report
Our monthly report provides a raw statistical overview of Central Indiana with a more in-depth review of residential sales in Washington Township. Individual neighborhood statistics are given as well as the previous month’s highest sales and the area’s most expensive current listings.
By Dr. Jessica Lautz
If one were to shake a Magic 8 ball, the answer to the question of "where are mortgage interest going to be in the next month?" would now read "outlook not so good." Yesterday's inflation figures, unfortunately, rose to 3.5%, which reverses the trend of lowering inflation. While yesterday showed a higher CPI reading and a jump in the 10-year treasury (the highest since November), the weekly average of mortgage interest rates remained in the mid-6% range at 6.88% as it has not yet fully factored in the jump. In the coming weeks, mortgage interest rates are likely to increase, which is disappointing news for Spring home buyers.
For a $400,000 home with a 10% down payment, the typical mortgage payment would be $2,366, which is out of reach for many Americans. While first-time buyers do not have housing equity to assist in their home purchase, those who have earned housing equity through home price appreciation are the current winners in today's housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.
Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®.
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