There will be continued downward pressure on mortgage rates as banks decide they want to be in the money-making business, Scott Harris, agent, Brown Harris Stevens, tells GlobeSt.com.
"It may take a few months for some buyers to catch on, but there has been buyer paralysis in the marketplace- and plenty of pent-up demand," Harris said. "Any stabilization or softening of rates will turn that spark into a nice, cozy fire for the winter."
For the week of Nov. 14, rates dropped from over 7% to 6.6% on better-than-expected inflation news, bringing some hope to prospective buyers. It was the largest weekly mortgage rate drop in four decades, along with the slowest annual home-price growth since the start of the pandemic, according to Redfin.
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