Rising home inventory has fueled higher sales this year, while elevated mortgage costs have kept price growth in check.
For buyers, the unpredictability of mortgage rates has been almost as impactful as the rates themselves. Monthly payments have fluctuated by hundreds of dollars, creating challenges even for those who can technically afford the added expense.
Over the past two years, homebuyer demand has tended to rise when mortgage rates approach 6% but lose momentum when rates climb past 7%. The market surged in August and September as rates hit a two-year low, only to cool when rates spiked in October. Recently, rates dropped again, reaching a five-week low of 6.69%.
Despite the volatility, buyer activity has been busier than usual for
…