Reported 9 months ago
KPMG senior economist Yelena Maleyev states that due to higher mortgage rates and increased home inventory, the housing market is feeling pressure, with maleyev estimating one interest rate cut by December, potentially lowering mortgage rates to around 6.5%. She mentions that more rate cuts could bring rates down to 5.5%. The current challenges in the housing market are attributed to high mortgage rates and inventory levels, impacting both buyers and sellers. Builders are also facing obstacles in construction costs. Maleyev suggests that despite the tough market conditions, there may be some relief in mortgage rates in the future.
Source: YAHOO