Housing demand stalls as buyers wait for lower rates
Housing Wire
JULY 22, 2024
Mortgage rates have come down with recent positive inflation news. However, they are still higher than they were six months ago. I think rates are on the verge of going lower. Will consumers respond? I expect that mortgage rates under 6.75% and moving towards 6.5% will shake homebuyers into action, but we certainly can’t see it in the data yet. New pendings this week came in significantly below last year at this time.
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