As the amount of housing inventory has increased and prices have fallen, some buyers have become more eager to look for potential homes to purchase. This follows several months of rising interest rates and record-high inflation, which have caused the housing market to cool and prices to drop overall. While this may be less fortunate for some sellers, it could be a good time for reticent buyers to start getting into the market to take advantage of relatively low prices.
Mortgage rates declined nearly half a percent over the course of two days after worse than expected economic reports became public. These reports have stoked fears that the economy may be facing a potential recession, with mortgage lenders reacting by lowering rates. This also comes at the same time that inflation is reaching the highest levels they have been at in decades, while the Federal Reserve is raising interest rates more broadly.