Analysts note the recent dip in mortgage rates this week to 6.46% could motivate buyers, though more significant declines are needed for a substantial uptick in home purchases.
Sam Khater from Freddie Mac emphasized that while mortgage rates have recently dipped, they need to fall further—potentially one percentage point—to stimulate increased buyer demand effectively.
Despite elevated borrowing costs, home sales unexpectedly rose in July, indicating that slight drops in mortgage rates might be leading to improved buyer confidence and market activity.
Lawrence Yun highlighted that as affordability improves, consumers are now seeing more choices in the market, suggesting a slow but positive shift in housing dynamics.
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