Indiana mortgage rates hovering around 7 percent

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(Photo supplied/Pixabay https://pixabay.com/photos/money-home-coin-investment-2724235/)

Indiana’s housing sector showed the fallout from 30-year mortgage rates hovering near 7 percent for much of October as the market braced for another steep rate increase by the Federal Reserve.

Monthly home sales fell 23 percent below October 2021 after trending less than ten percent below last year’s record-setting pace over the previous quarter.

Preliminary estimates from the state’s eight Multiple Listing Services showed just over 7,000 existing home sales for October, down from 92-hundred last year and 8,100 in September.

Median prices in Indiana remain 12 percent above 2021 year-to-date, slightly above the national trend.

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