As of mid-August, the average rate on a 30-year fixed mortgage dropped to 6.28%, marking the lowest point since February 2023, providing a respite for buyers.
The inventory of homes for sale in June hit its highest level in over four years, signaling more options for home buyers, even amidst a seller's market.
The fluctuation of mortgage rates dramatically influences buyers’ ability to afford homes—at lower rates, they can borrow significantly more for the same monthly payment.
Economic signals for the latter half of 2024 appear positive for buyers, as a cooling economy suggests possible reductions in mortgage rates and improved purchasing power.
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