Mortgage Rates Drop Slightly, Home Listings Rise - Temporary Relief for Homebuyers Ahead?

• Mortgage rates dropped slightly this week to 6.88% after four weeks of increases, providing some relief to buyers • Applications for mortgages and home purchases rose over 9% and 11% respectively week-over-week • New listings of homes for sale rose 13% year-over-year, the biggest increase in nearly three years • Increase in new listings suggests sellers can no longer wait for lower rates to list homes • Mortgage rates expected to fall further in 2024, but may fluctuate short-term based on jobs report and Fed testimony