Will lower mortgage rates draw more US homebuyers?

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Mortgage rates dip to their lowest levels since February 2023 as 30-year fixed-rate mortgages dip to 6.2% from 6.35%. To talk more about this and whether cooling mortgage rates are enough to incentivize American homebuyers back into the US housing market, Market Domination welcomes Realtor.com chief economist Danielle Hale. “A survey high response of consumers expect mortgage rates to go lower over the next 12 months. And so I think while there’s some reason for shoppers to get into the market today to take advantage of the rate drop we’ve seen so far,” Hale tells Yahoo Finance. Hale ties back housing affordability struggles to income growth reported in the US labor market, which could aid in prospective buyers in financing mortgages while rates continue to ease. Hale also references Vice President Kamala Harris’s proposed tax credit policy for first time homebuyers.
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