"After a slower-than-expected spring and summer sales season, the Bay Area's housing market is expected to see renewed activity this fall following a dip in mortgage rates to their lowest level in nearly a year. Last week, in anticipation of the Federal Reserve's announcement that it would cut rates for the first time in nine months, the average 30-year fixed mortgage rate dropped to 6.26%, down from a high of 7.04% in January."
"Agents and loan officers say it could be enough to pull hesitant homebuyers and sellers back into the market, giving this year's sluggish housing market an end-of-the-year bump. Many prospective homebuyers have been holding out in hopes of lower mortgage rates, California Association of Realtors President Heather Ozur said. The declining trend in rates observed in the last few weeks could be the nudge that draws them back to the market."
Mortgage rates dropped to 6.26% last week from a January high of 7.04%, after markets priced in an upcoming Federal Reserve rate cut. Real-estate agents and loan officers say the decline could entice hesitant buyers and sellers back into the Bay Area market this fall. Pending sales rose 8.3% statewide from July to August, reflecting seasonal pickup after a slow summer. Bay Area home sales remain down 4.1% year-over-year, marking three consecutive years of weak activity since rates began rising in 2022. Median single-family prices in the nine-county Bay Area reached $1.28 million in August, driven by persistently low inventory.
Read at www.mercurynews.com
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