Mortgage rates have fallen to 6.06%, the lowest since September 2022, spurring a rebound in housing activity. This shift is easing the “lock-in effect,” as a growing number of homeowners hold rates over 6%, reducing their incentive to stay put. Consequently, existing home sales have risen for four straight months. Potential policy actions, such as government purchases of mortgage bonds, may be contributing to the downward pressure on rates. While this increased market movement is improving liquidity and could boost the broader economy, it has not yet reversed the trend of rising home prices.
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Mortgage rates fall to lowest level in more than three years
By mychabi2013
