Mortgage rates plummeted Thursday after the BLS reported that inflation cooled in October. 

• The average interest rate on a 30-year fixed-rate mortgage fell from 7.22% to 6.62%, matching the record plunge at the start of the pandemic
• While this drop is significant, rates are still more than double what they were in January

ATTOM released its Foreclosure Market Report for October which showed a 57% rise from a year ago, but only a 2% rise from the month before. As rates increase, mortgage payments become more expensive.

• Illinois, Delaware, and New Jersey had the highest foreclosure rates
• California, Texas, and Florida had the greatest number of foreclosure starts

During the pandemic, out-of-town buyer interest skyrocketed in several boomtowns, which led developers to flock there and start building. The share of new construction homes for sale grew to a record-breaking 29% in Q3. 

• Builders are incentivizing buyers to opt for new construction with mortgage rate buydowns, price reductions, and offering cash at closing
• In Q3 of 2022, more single-family home builds were completed than in any quarter since 2007

Sources: The BluePrint, CNBC, Redfin, Unsplash