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#13 - Is the Housing Crisis EASING? Latest Drop in Mortgage Rates Revealed!
Manage episode 392128717 series 3540956
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In a notable shift, mortgage rates have dipped below 7% for the first time since August, signaling a potential easing in the housing market's affordability crisis. This drop marks the seventh consecutive week of declining rates, coinciding with an improvement in inflation and the Federal Reserve's pause on rate hikes. The Fed's recent signals of potential rate cuts in 2024 have further buoyed optimism in the mortgage market. The 30-year fixed-rate mortgage fell to 6.95%, a welcome relief compared to the near 8% highs seen previously. This decline is expected to stimulate the housing market, although high rates on existing mortgages may continue to limit inventory as homeowners are hesitant to move from their low-rate mortgages. The situation presents a complex dynamic, where lower rates might boost buyer demand but still struggle to motivate current homeowners to sell, potentially driving up housing prices due to limited supply.
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