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Some analysts say acceptance plays a role in the recent increase of home sales.
A new report from ATTOM says it’s now cheaper to rent than own a place in most parts of the country.
Pending home sales have dipped, and economists expect the market to continue to droop.
Those looking to buy have spent much of 2022 adjusting and readjusting to higher mortgage rates.
The rates on some types of loans have already been coming down.
While the Fed has continued to hike interest rates, the average interest rate on a 30-year fixed rate mortgage has dropped from 7.16% to 6.4%.
“The average days on market has gone from less than a week up to about 89 days,” says broker Amanda Pohlman of Keller Williams Living.
Many potential homebuyers have moved to the sidelines as mortgage rates have more than doubled this year.
The recent firestorm over the British government’s fiscal policies highlighted the vulnerability of some mortgages in the United Kingdom.
Rates are near 7% for a 30-year fixed mortgage, highest in two decades. For buyers who can afford it, shopping is less stressful.
