Posted 11/22/2023, 7:30:00 PM
Mortgage Rates Dip to 2-Month Low, Spurring Uptick in Home Buying Activity But Market Still Faces Challenges
- Mortgage rates dropped to 7.29% on 30-year loans, the lowest level in 2 months, spurring a surge in mortgage applications
- Purchase applications rose 4% last week and are at their highest level in 6 weeks as lower rates reignite demand
- But application volume remains down 20% from last year amid still historically high rates
- Inventory continues falling, with total listings down 45% from pre-pandemic levels as sellers resist locking in high rates
- Economists believe the Fed is nearly done with rate hikes, helping bring rates off their peaks, but they will remain elevated for some time