President-elect Donald Trump's campaign emphasized improving housing affordability, presenting both supply- and demand-side solutions, indicating a commitment to address a widespread concern.
The Fed's recent policy rate cut, although expected, was smaller than previous cuts, yet long-term interest rates continued to rise, pushing mortgage rates to a four-month high.
Mortgage applications have decreased due to rising rates; however, overall activity remains higher compared to last year when rates were even more elevated.
Though homes nationally are taking longer to sell than a year ago, certain markets, particularly in the Northeast and Midwest, continue to see rapid sales.
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