With Thursday being a federal holiday, banks (and more importantly, the underlying market for mortgage related bonds) were closed.  This means that lenders were not able to update mortgage rates.  It turns out that it wouldn’t have mattered either way as the average lender has barely budged from Wednesday’s levels.  But let’s not miss an opportunity to deliver news that’s technically good even if only just.  Over the past 3 business days, average rates have fallen 0.05%.  This keeps us close to the lowest levels seen since April 4th with top tier 30yr fixed scenarios at 6.86 on the MND daily rate index. Given some of the news headlines this week, it bears repeating that this week’s Fed announcement has nothing to do with rates holding steady.  In fact, even if the Fed had cut rates (which was not seen as even a remote possibility by financial markets), mortgage rates could just as easily have moved higher.  

* **Inventory:** Florida’s housing inventory remains constrained but is rising in many markets compared to 2022-2023.
* **Interest Rates:** Mortgage rates are elevated, impacting affordability and cooling buyer demand. As of late 2024, rates are hovering in the 6-7% range.
* **Price Growth:** Home price appreciation has slowed significantly compared to the peak of the pandemic boom. Some markets are experiencing price corrections.
* **Days on Market:** Homes are staying on the market longer, indicating a shift toward a more balanced market.
* **Population Growth:** Florida’s population growth is moderating but continues to outpace the national average, still supporting housing demand.
* **Foreclosure Rates:** Foreclosure rates remain historically low, not suggesting a distressed market scenario.
* **Rental Market:** Rent prices are stabilizing in many areas after a period of rapid increases, offering alternative housing options.
* **Regional Differences:** Market conditions vary significantly across Florida. Coastal areas often experience higher demand and prices than inland regions.
* **Economic Factors:** Florida’s strong economy, driven by tourism and other sectors, continues to provide a foundation for the housing market.
* **Investment Potential:** Despite market shifts, Florida real estate remains an attractive long-term investment for many due to population trends and the economy.