According to a recent analysis by Realtor.com®, cities such as Denver, Raleigh, NC, and Baltimore will likely feel a more substantial impact from declining rates in the coming months.
Notably, according to our analysis, 84% of existing mortgages have a rate of 6% or lower. In other words, as mortgage rates approach the 6% level, we can expect to see more homeowners 'unlocked,' especially in areas with high mortgage usage.
Many who bought homes during the COVID-19 pandemic at low interest rates were "locked in" to their properties because it didn't make financial sense to buy a home at a higher interest rate.
According to THE Realtor.com September Housing Market Report, there were 34% more homes for sale than a year ago, a sign that falling rates might be helping the market bounce back.
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