The one bright spot is that weekly mortgage rates fell to their lowest level since February, potentially benefiting homebuyers and lenders. An interest rate cut from the Federal Reserve could push rates lower, yet won't solve the housing crisis due to various underlying issues.
Lower mortgage rates may have limited impact if unemployment rises, hindering purchasing power. Despite potential further rate reductions, rates still not ideal for significant market re-entry. The high federal funds rate also influences overall borrowing costs negatively. Uncertainty in the market persists even with expected rate cuts.
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