Pastoral Landscape, by William Edouard Scott. Available at James R. Ross Fine Art, 56th & Illinois Streets.
READ NOW July 2024 Report
Our monthly report provides a raw statistical overview of Central Indiana with market highlights of Indianapolis' Washington Township, Zionsville, Carmel, and Fishers areas. It also includes the previous month’s highest sales and the area’s most expensive current listings.
July 3, 2024
Facts: The 30-year fixed mortgage rate from Freddie Mac increased to 6.95% over the last week from 6.86%. This is the first weekly increase since May 30. At 6.95%, with 20% down, a monthly mortgage payment on a home of $400,000 is $2,118.
Positive: While mortgage rates increased this week and affordability is bleak, there is also slightly more existing inventory coming onto the market. Home buyers at higher incomes may stand a chance to have their offer accepted as moderate-income buyers are forced to the sidelines—this is especially true of first-time buyers who have been largely shut out of the market.
Negative: The lock-in impact of higher rates for a prolonged period means someone who purchased or refinanced a $400,000 home at 3% vs. 6.95% would have a monthly mortgage payment of $1,349, a difference of $769 a month. This is unfathomable for many Americans, even with life changes.
Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®.
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