Buyer Relief on the Horizon?
Redfin Deputy Chief Economist Taylor Marr said, "We’re likely past peak inflation, past peak mortgage rates and past the bottom for mortgage purchase applications." He also said that homebuying demand is growing as mortgage rates start to decline.
Here are stats that reflect that trend:
On Thursday, interest rates dipped to 6.29%, down from 7.29% the month before.
Mortgage applications are up 4% from the same time last month
Home price drops fell sharply to just 6% of active listings
Available homes for sale posted its biggest YoY increase on record even as new listings fell by double digits, indicating homes lingered on the market over Thanksgiving week.
It’s great to see mortgage applications jump with the dip in interest rates. Buyers and sellers will move as long as there is some stabilization in the market, and we’ve had a little of that, which is reassuring. This time of the year can be slow, but it doesn’t mean that you can’t take advantage of the market as a Chicago Home buyer or a Chicago Seller.
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