There will be continued downward pressure on mortgage rates as banks decide they want to be in the money-making business, Scott Harris, agent, Brown Harris Stevens, tells GlobeSt.com.
"It may take a few months for some buyers to catch on, but there has been buyer paralysis in the marketplace- and plenty of pent-up demand," Harris said. "Any stabilization or softening of rates will turn that spark into a nice, cozy fire for the winter."
For the week of Nov. 14, rates dropped from over 7% to 6.6% on better-than-expected inflation news, bringing some hope to prospective buyers. It was the largest weekly mortgage rate drop in four decades, along with the slowest annual home-price growth since the start of the pandemic, according to Redfin.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
