Mortgage rates for a conventional 30-year mortgage have dropped to the mid-6% range this month after topping out in May at more than 7.5%. Depending on a buyer's credit score and downpayment, they may be able to buy down points to get an even lower rate.
With the increased inventory and higher rates, the market has slowed somewhat. However, competition has been on the lighter side and even saw sellers entertain some price reductions.
Lower rates could potentially unlock additional inventory as homeowners with sub-5% mortgage rates consider relocating, drawing even more buyers into the market.
Owning real estate continues to be one of the best long-term investments you can make, especially with the anticipated further drops in mortgage rates and pent-up buyer demand.
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