Lower Mortgage Rates Spur Home Buying as Rates Dip Below 7%
- Mortgage rates dropped below 7% for the first time since August
- The 30-year fixed rate averaged 6.95%, down from 7.03% the previous week
- Applications surged 7.4% as borrowers reacted to lower rates
- The Fed forecasted rate cuts in 2023-2024 after pausing hikes
- Inventory will likely stay low even if rates drop due to rate lock-in effect