Mortgage Rates Hit 7-Month Low, Sparking Homebuyer Demand Though Seasonal Sales Slump Continues
- Mortgage rates have fallen to 6.64%, the lowest since May, reviving buyer demand
- New listings are up 9% year-over-year, giving buyers more options
- Pending sales still down 7% year-over-year due to seasonal slowdown
- Median home prices up 4.2% year-over-year as rates hampered prices last year
- Buyer optimism rising but sales unlikely to improve until after the holidays