Housing Supply Remains an Issue as Mortgage Rates Dip: Freddie Mac

Mortgage rates have continued to drop for the fifth consecutive week, enticing buyers back into the market. However, the shortage of affordable homes remains a significant issue. Pending home sales have slumped to their lowest level in 20 years, and limited housing inventory is preventing housing demand from being fully satisfied. Despite the uncertainty surrounding the Federal Reserve's monetary policy, economists predict a continued drop in mortgage rates. The new conforming loan limits for 2024 allow homebuyers to obtain larger mortgages backed by Fannie Mae and Freddie Mac, providing potential opportunities for refinancing and purchasing homes at the higher end of the new limit.