Mortgage rates essentially remained flat from last week but have decreased nearly half a percent from their peak earlier this year...buyers continue to pause, as reflected in tumbling new and existing home sales data.
Not only do elevated mortgage rates eat into homebuyer demand by holding back their buying power, we also see an impact on inventory as higher rates have tended to keep more sellers on the sidelines.
With the hope...falling mortgage rates to help lower borrowing costs and the rising inventory to gradually push prices down.
With home prices continuing to hover at or near record highs, mortgage rate swings have an outsized impact on affordability and transaction activity.
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