"Declines have stalled and actually even reversed," says Realtor.com Chief Economist Danielle Hale, referring to the recent increases in mortgage rates, highlighting a significant shift in the housing market's trajectory.
Hale notes that while the overall inflation improved, core inflation increased, which raises concerns about future Federal Reserve rate cuts, impacting the housing market and buyer sentiments.
The recent Fannie Mae survey revealed that 42% of potential homebuyers anticipate mortgage rates to fall in the next year, indicating a cautious approach among buyers.
Hale also mentions that despite higher mortgage rates, applications for home purchases have steadily risen over the past three weeks, showcasing persistent interest in the housing market.
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