Mortgage rates falling to 5% would get a swath of buyers back in the market

Declining mortgage rates, currently at 6.55%, have not rekindled homebuyer interest significantly, with many waiting for rates to dip to around 5%.

Despite mortgage rates dropping from a peak of 8% in October 2023, 40% of prospective buyers plan to wait until after the November elections to purchase a home.

A survey shows that 42% of prospective buyers would re-enter the market at a 5% rate, indicating a significant threshold for market activity.

Even as rates lower, home shoppers remain cautious, showing that external factors like the upcoming election could hold them back from immediate buying.

Read at www.housingwire.com