Changing Landscape: How High Mortgage Rates Are Shaping Homebuying Trends

High mortgage rates have been limiting opportunities for homebuyers and sellers, with many homeowners choosing to stay put. However, recent declines in mortgage rates have led to an increase in mortgage applications and a slight easing of factors that have contributed to homeowners' immobility. While the median monthly mortgage payment has decreased and the number of new listings has increased, Zillow's forecast suggests that any changes in the housing market will be gradual. Prospective buyers hoping for a significant drop in home prices may be disappointed, as slower home price growth is expected over the next five years.