Mortgage Rates Drop Below 7%: Housing Market Thaws and Sales Surge

The frozen housing market is starting to thaw as mortgage rates drop below 7%. The average 30-year fixed mortgage rate has fallen to 6.64%, leading to an increase in new listings and pending home sales. However, experts caution that it is still too early to determine the overall state of the housing market for 2024. While some buyers and sellers are becoming more active, others are getting cold feet due to economic uncertainty and concerns about rising home prices. The housing market is expected to continue evolving, and monitoring factors such as mortgage rates and inventory levels will be crucial in understanding the housing landscape in the coming year.