Mortgage Rates Drop to Lowest Level Since May, Offering Glimmer of Hope for Housing Market
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Daily mortgage rates dropped to 6.82% on Thursday, the lowest since May, after the Fed pointed to potential rate cuts in 2024.
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Lower interest rates could bring relief to the challenging housing market by encouraging potential home sellers and buyers.
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Mortgage rates still remain above 6%, so a flood of pent-up housing demand is unlikely in the near term.
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Redfin forecasts mortgage rates dropping into the mid-6% range in 2024.
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Goldman Sachs expects housing starts and prices to slowly rise in coming years, while existing home sales stay flat.