"The only reason mortgage payments are down is because of the rate effect," said Daryl Fairweather, chief economist at Redfin, highlighting that drops in housing payments are linked to lower mortgage rates.
"The typical household earns 27% less than what they need to afford a home, about $84,000 a year, per Redfin data," reflecting ongoing challenges in housing affordability.
"This is as good as it gets," said Orphe Divounguy, senior economist at Zillow, emphasizing that buyers currently face lower mortgage rates and more inventory in the market.
Lower home loan rates provide "a great opportunity for buyers who have been waiting," suggesting a potential for increased activity in the housing market.
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