Mortgage Rates Drop Below 8% But Remain High While Housing Inventory Stays Low
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Mortgage rates pulled back below 8% last year, remaining elevated but plunging by the highest rate in 16 months.
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Getting mortgage rates below 7% would be psychologically positive, while below 6% could really kickstart housing market according to First American's Chief Economist.
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Low inventory is keeping prices up even if rates decline somewhat.
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90% of mortgaged homeowners today have rates below 6%.
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Mortgage rates below 5% could convince more homeowners to sell and move even if their current rate is lower.