Reported 4 days ago
Pending home sales in June saw a decline of 0.8% month-over-month and 2.8% year-over-year, as disclosed by the National Association of Realtors. Chief Economist Lawrence Yun explained that high mortgage rates are hindering home sales, despite increased job growth that typically boosts housing demand. Yun anticipates that if the Federal Reserve cuts rates by several rounds, it could lower mortgage rates to around 6%, a critical threshold that may revitalize the housing market and stimulate buyer activity.
Source: YAHOO