Average Homeowners are still finding plenty of equity in their
That is lower than the more than $16,000 year-over-year gain in equity reported in the second quarter.
“On average homeowners saw their equity increase again this quarter, but not nearly as much as in previous quarters,” “The lower year-over-year gain reflects the slowing in appreciation.”
Still, nearly every state posted an increase in equity among homeowners in the third quarter. Western states saw the most significant increases in the third quarter, according to the report. For example, California homeowners recorded an average gain of about $36,500 in home equity in the third quarter; Nevada homeowners saw a $32,600 uptick and Utah homeowners saw a 18,000 equity home gain.
Mortgage Rates Are Easing: Home buyers may be finding a window of opportunity to lock in lower rates. Mortgage rates fell this week, after several weeks of moderating, Freddie Mac reports.
“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” says Sam Khater, Freddie Mac’s chief economist. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective home buyers who have recently experienced rising rates and rising home prices.”
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 6:
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