Mortgage rates have risen to 6.72%, the highest since August, yet applications are up compared to last year, indicating resilience in the housing market.
The increase in new listings in cities like Boston, San Diego, and Seattle in September led to a notable rise in pending sales, suggesting effective pricing attracts buyers.
Despite higher mortgage rates causing some seller interest to decrease, the report emphasizes that price strategy is crucial for sellers to gain traction in today's market.
While the Fed may lower rates in the future, it's essential to understand that mortgage rates do not necessarily decrease in tandem, impacting homebuyer and seller behavior.
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