Rates are still high compared to recent years, discouraging homeowners from moving, while most potential new buyers remain sidelined due to historically stretched affordability. We remain confident that the recovery in home sales will be muted.
When inflation ran hot, and the Federal Reserve raised interest rates, mortgage rates followed. People stopped buying and selling homes, and the housing world froze.
Last year, existing home sales fell to their lowest point in almost 30 years and are still depressed. But mortgage rates are falling on the back of cooler economic data and some fears of a recession.
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