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NNJ Market Highlights
Passaic county had an inventory increase of 9% from last week, up 17% year-over-year, and yet the median sale price also rose the most out of all the other counties in Northern NJ. This could be because they have the lowest volume, being the only county with less than 100 new listings. Still, the county is a good market for buyers and sellers. I'll also note in the last two weeks that every county has shown a median sale price ratio of less than 10% across the board. That's a good indicator homes won't be selling for big numbers over listing price for the time being.
Interest Rates
The 30-year fixed mortgage rate has gone up slightly to 6.34%, up from its 1-year low of 6.26% on September 18. I find this to be interesting because around the same time last year the Feds began promising interest rate cuts, which dropped the mortgage rates leading up to that. But, once the Feds actually made the cuts, mortgage rates shot right up and ended up well over 7%.
Searching for answers, I found this article today in the AP that describes this exact comparison, but they fall short on providing an answer as to why. Either way, the Feds stated they will be making more cuts this year. If they do, I hope we don't see the same outcome as last year.
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