HOW ‘BOUT THOSE INTEREST RATES?!
Over the past month or so, we experienced a slow and steady decline in mortgage interest rates, but nothing substantial. That changed when the higher-than-expected unemployment numbers came out on Friday, August 2nd, sending rates on a sharper downward trajectory.
Also, there is growing sentiment that the Federal Reserve will lower the fed funds rate by 50 basis points in September. While this drop won’t have a direct impact on mortgage rates, the effect should continue to put downward pressure on rates.
Median home prices in the Greater Knoxville area remain higher than last year, despite a growing supply of homes on the market. The number of active listings in Knox County is at its highest point since late 2020.
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