This week, mortgage rates have hit their lowest point since February, providing a glimmer of hope for potential homebuyers. With the average rate for a 30-year fixed home loan dropping to 6.73%, buyers are cautiously optimistic, anticipating a possible larger mortgage rate cut in the fall. However, this wait-and-see approach is reflected in the housing market, with new listings decreasing, total inventory growing, and homes spending longer on the market. Despite the sluggish market, there is anticipation for a substantial mortgage rate cut in the coming months, although experts warn that subsequent drops in rates may not be as significant as hoped. While home prices have seen a slight decline, affordability remains a top challenge, driving buyers towards smaller, more affordable homes. With the market showing signs of change and homes selling at a slower pace, there is hope that broader economic indicators will soon breathe life into the currently slow market.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
