Posted 12/27/2023, 3:38:00 PM
Falling Mortgage Rates Offer Little Relief Amidst Sky-High Home Prices and Limited Supply
- Home prices at all-time highs, but mortgage rates falling won't revive housing market yet
- "Lock-in effect" limiting resale home inventory as owners reluctant to give up low rates
- Prices rising as buyers converge on smaller pool of available properties
- Rates would need to fall to 5% range to "unfreeze" market per expert
- If rates hit 5%, could unleash supply and transactions to soften stubborn home prices