Mortgage Rates Below 7% Revive Housing Market, But Uncertainty Lingers for 2023
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Mortgage rates have dropped below 7% recently, helping to revive the previously frozen housing market.
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New listings and pending home sales increased in November to their highest levels in about a year.
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Evidence so far of a thawing market is anecdotal, like more property visits and offers, but data could confirm this in coming weeks.
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While activity is picking up, closed sales still dropped in November and a high percentage of deals β 17% β were canceled due to economic uncertainty.
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It remains unclear how 2023's housing market will evolve as buyers and sellers worry rising prices could diminish the benefits of lower mortgage rates.