When mortgage rates dipped to 6%, experts anticipated a big year for homebuyers who had been sitting on the sidelines. But then came the war in Iran, which drove rates back up.
Two days before the start of the war with Iran, mortgage rates dipped below 6% for the first time in three and a half years. Rates topped 6.5% this week.
In December, there were 47% more home sellers than home buyers across the U.S., according to data from Redfin. In Austin, Texas it was even more extreme, with sellers outnumbering buyers by 128%.
A new report from Zillow says lower mortgage rates, moderating home prices, and expected home growth could boost housing affordability in some metro areas this year.
