Over the last several weeks, mortgage rates have been incredibly stable, mainly because the Federal Reserve has continued purchasing
Treasury and Mortgage-Backed Securities
at a blistering pace. In mid-March, the Fed announced an unlimited round of quantitative easing, buying $75 Billion per day at the beginning of the shutdown. That number has tapered down to buying $4.5 Billion per week in T-Bills.
Last week saw 121
new listings
on the market in Deschutes, Jefferson, and Crook County, with over 1300 total homes for sale. Spread that inventory over the communities of Central Oregon, and it is clear that there are not enough properties to meet current demand. Home sellers have a lot on their side at the moment!
In the short term, the pressure on home prices might feel like an obstacle to purchasing, although the opportunity to build equity in real estate is stronger than ever. Considering the skyrocketing rents in Central Oregon, homeownership has never been more affordable. More loan products are available to purchasers than ever, making it easier to find the perfect terms for you.
Considering the rise in housing costs, and the corresponding surge in equity for homeowners, buying now makes good financial sense if you plan to call Central Oregon home for the long haul!
