Reported 20 days ago
Rafe Jadrosich, a senior analyst at Bank of America Securities, discusses the current state of the housing market, noting a significant drop in mortgage rates from 7% to around 6.1%, which is boosting new residential construction and refinancing activity. He highlights a growing divide between the resale and new home markets, with existing home prices exceeding those of new homes due to supply dynamics. While lower mortgage rates are improving affordability, there remains a need for increased inventory to further benefit the market.
Source: YAHOO