If you've been keeping an eye on mortgage rates lately, you might feel like you're on a roller coaster ride. One day rates are up; the next they dip down a bit. So, what's driving this constant change? Let's dive into just a few of the major reasons why we're seeing so much volatility, and what it means for you.

The Market's Reaction to the Election

A significant factor causing fluctuations in mortgage rates is the general reaction to the political landscape. Election seasons often bring uncertainty to financial markets, and this one is no diff...

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Redmond Oregon Home Prices Have Leveled Off

Redmond is a quick 15 minute drive north of Bend and has been a great option for those Central Oregon home buyers who cannot afford Bend, in addition to those who just want to live in a growing community that is supportive of business and family. Unlike other areas of Central Oregon, Redmond has been consistent with its home prices. Few luxury homes are found in Redmond, but rather a more homogeneous housing mix of middle class homes. Redmond home sales for third quarter 2024 reflect this consistency. Looking year over year comparing single family home sales on less than an acre third quarter 2024 with third quarter 2023, the following changes can be seen:

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Did you know? Homeowners are often able to put more money down when they buy their next home. That's because, once they sell, they can use the equity they have in their current house toward their next down payment. And it's why as home equity reaches a new height, the median down payment has too.

According to the latest data from Redfin, the typical down payment for U.S. homebuyers is $67,500—that's nearly 15% more than last year, and the highest on record (see graph below):

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Is Central Oregon Real Estate Moving to a Balanced Market?

In Q3 2024, the Bend Oregon Real Estate market and surrounding communities experienced a change, moving closer to a balanced market after many years of being a seller's market. The number of listings grew, days on market increased, but prices appear to have leveled off, at least within Bend and Redmond. In Bend, Redmond, Powell Butte and Black Butte Ranch, the number of sold homes increased as third quarter 2024 also saw mortgage interest rates drop. Outside of Redmond and Sunriver, all of the Central Oregon real estate markets saw an increase in new listings year over year, many above 20%. This can partly be attributed to sellers recognizing that with lower mortgage interest rates, the cost of their replacement property would be less and the delayed move they planned on taking could finally happen.

Mortgage rates have hit their lowest point in over a year and a half. And that's big news if you've been sitting on the homebuying sidelines waiting for this moment.

Even a small decline in rates could help you get a better monthly payment than you would expect on your next home. And the drop that's happened recently isn't small. As Sam Khater, Chief Economist at Freddie Mac, says:

"Mortgage rates have fallen more than half a percent . . . and are at their lowest level since February 2023."

But if you want to see it to really believe it, here's how the math shakes out. Take a closer look at the impact on your monthly payment.

The chart below shows what a 

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