Mortgage rates are nearing 7%, reflecting economic changes, but specific signals favor lower rates. Inventory growth provides a buffer for homebuyers, with rates falling aiding buyer demand.
Lower mortgage rates are attributed to factors like declining 10-year Treasury yield and improved spreads. Prospective homebuyers benefit from increased for-sale inventory, reaching a peak of over 620,000 homes.
Analyst Mohtashami notes that with mortgage rates falling and demand potentially increasing, the enhanced inventory levels provide a more favorable situation compared to previous years.
The Federal Reserve held benchmark rates steady, ranging from 5.25% to 5.5%, following new inflation data and further cooling of consumer prices.
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