Posted 1/18/2024, 5:05:05 PM
Mortgage Rates Hit 7-Month Low, Sparking Bidding Wars as More Homebuyers Compete for Limited Inventory
- Mortgage rates dropped to 6.60%, the lowest level in 7 months, spurring more homebuyers and sellers to return to the housing market
- Home listings increased 9% year-over-year in January as more homeowners consider selling to take advantage of high prices
- Mortgage applications climbed 10% over the past week as lower rates entice buyers; purchase apps up 9%
- The share of homeowners with sub-6% mortgage rates hit a record low, indicating more are trading up to higher rates
- Bidding wars are returning in some markets as buyer demand picks up; agents see homes getting 20-30 offers amid low inventory