Essex County February Housing Report 2/14/2024

Inflation continued to rise in January pushing mortgage rates above 7%. 
It’s unlikely the Federal Reserve will lower interest rates in the near term.   

The Consumer Price Index (CPI) and CPI Core Inflation (CPI less food and energy) Indexes rose in January by 0.3% and 0.4% respectively. This increase was mostly caused by a 0.6% increase in Shelter (housing costs) and a  0.4% increase in Food.  Annual CPI rose 3.1% and Core Inflation rose 3.9%, almost twice the Federal Reserve’s goal of 2%. This dampens the Federal Reserve’s motivation to lower interest rates in the near term.  30 year fixed rate mortgages today were 7.09% per Mortgage News Daily.  

• To view data for every Essex County town, http://www.sullivanteam.com/Properties/Reports/Public/Charts.php
  
  
• To Download the full housing report go to:  http://sullivanteam.com/pages/EssexCountyHousingReports