Posted 11/30/2023, 6:31:00 PM
Mortgage Rates Drop as Home Listings Rise, Improving Conditions for Buyers
- Mortgage payments dropped for the 5th straight week from October's peak of $2,739 to $2,575 in November as rates fall
- New listings jumped 6% year-over-year, the biggest increase since 2021, easing tight supply
- Declining rates and more listings are creating better conditions for some buyers
- Purchase mortgage applications are up 5% as buyers take note of changes
- Home prices still up 4% and inventory down 7%, so market still has a ways to normalize