Bidding wars decline to 10-year low

Bidding wars decline to 10-year low

Bidding wars decline to 10-year low
Demand for homes is still high but competition for them appears to be cooling. Just nine percent of offers written by Redfin agents on behalf of their homebuying customers faced a bidding war in December. This is down from 12 percent a year earlier and the lowest volume since 2009.

The story was quite different locally, however. San Diego had the second highest number of bidding wars in the nation last month. Over 16 percent of offers in San Diego faced competition, up from 15.7 percent in December 2018.

San Francisco continued to claim the title as the most competitive housing market in the U.S. with a bidding war rate of 26 percent as of last month.

Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.