Taking a look at mortgage rates

I'm ABC 15 data analyst Garrett Archer and I'm taking you inside the numbers on mortgage interest rates and if the drops we're seeing are impacting real estate markets yet. The average 30-year fixed rate did rise a little bit in September to 6.3% but even with that uptick we are still seeing rates hovering around two-year lows. But as you know that's still much higher than the rates we were used to seeing in the past decade. So with lower rates which real estate markets are starting to wake up. The data from Zillow shows that seven of the nation's largest 25 markets did see home sale increases in September compared to a year ago. A lot of these are priced on the higher end San Francisco with a double digit sales in Crete, Los Angeles not far behind them. Phoenix just barely making this list. Our sales here grew under two percent. Since rates were crazy low during the pandemic another way that analysts are looking at these markets is comparing them to the same time in 2019. All in U.S. home listing levels are the same as they were back then 101% but massive jumps in listings in Orlando, San Diego, Tampa, Detroit and New York. All of these are over double their 2019 market levels. These markets that haven't quite woken up yet. We're one of these listings in Phoenix. They're about 94% where they were in 2019 but we are more thought out than Denver, Atlanta, Riverside and Charlotte. Now a big reason for this is Phoenix was one of the markets to see the largest jump in home values from before the pandemic. A 60% increase just under Miami, Tampa and Charlotte and just over Atlanta. The average home value here up $170,000 since September 2019 and our thought could be a while longer. That jump in prices means that Phoenix also moved up the rankings ladder for most expensive markets. We jumped five points to the 16th most expensive market in the country. With a look inside the numbers I'm Garrett Archer ABC 15 Arizona.