Essex County December Housing Report 12/23/2023

Essex County December Housing Report 12/23/2023

Federal Reserve Took A More Dovish Posture and Rates Dropped:

At the December 13, 2023 Federal Reserve Policy Statement and News

Conference, the Fed indicated 3 Rate Cuts in 2024 even though the Consumer

Price Index Core Inflation was still running at 4%, twice the Fed’s goal of 2%. 30

year Mortgage Rates fell from 7.09% on 12/12/2023 to 6.62% on 12/14/2023.

Since 10/19/ 2023, 30 Year Mortgage Rates have fallen from 8.03% to 6.68% on

12/22/2023. As 92% of all outstanding mortgages are 6% or less and 82% are

5% or less, the housing market should improve substantially if the 30 year

mortgage rates drop below 6% as more sellers will list their properties For Sale.