"The arrival of sub-6% rates for the first time in more than three years would give home shoppers additional confidence and improved affordability. Vernon reported that mortgage application demand and funding volumes at BofA are up more than 20% year over year."
"Lower rates could encourage some to consider a move, though we'd expect this to happen gradually. In many cases, life events drive decisions more than rates alone, but lower rates could be the nudge some buyers and current homeowners have been waiting for."
"Lower mortgage rates, more competitive listing prices and higher foreclosure volume have injected fresh energy into the market, driving activity during the early spring buying season. A rise in foreclosure activity is bringing more properties to market, resulting in a necessary increase in affordable, entry-level housing."
Mortgage rates have declined to below 6% for the first time in over three years, improving affordability and boosting buyer confidence heading into the spring home-buying season. Bank of America reports mortgage application demand and funding volumes are up more than 20% year over year. While inventory remains a challenge, lower rates could encourage homeowners with mortgages above 6% to consider relocating. Three key market dynamics are expected to catalyze a market rebound: lower mortgage rates, more competitive listing prices, and increased foreclosure volume. Rising foreclosure activity from limited loan modification policies is bringing more properties to market, increasing affordable entry-level housing availability and placing inventory in the hands of owners with greater maintenance capacity.
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