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Will falling mortgage rates finally help the housing market? (3/3/25 Market Update)
Mar 4, 2025
Declining mortgage rates are sparking discussions about their impact on buyer demand and housing inventory as spring approaches. The analysis pits single-family homes against condos, revealing fascinating trends. A case study on a San Francisco condo showcases seller strategies amid a shortage of new listings. The complexities of the current housing market are explored, emphasizing the crucial role of local data in making informed decisions. Join in for insights that could redefine your understanding of real estate dynamics!
14:34
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Quick takeaways
- Recent declines in mortgage rates have not yet boosted buyer demand, as pending home sales remain 3% lower compared to last year.
- The significant rise in unsold inventory, particularly in condos, indicates a sluggish market despite a seasonal expectation for increased home sales.
Deep dives
Current Mortgage Rate Trends and Economic Impact
The decline in mortgage rates over recent weeks, with the 30-year fixed mortgage falling to as low as 6.75%, reflects broader economic trends, such as a 60 basis point drop in the 10-year treasury yield. This reduction in rates has not yet translated into increased buyer demand, as pending home sales remain 3% lower than the previous year. Historical data suggests that significant changes in buyer behavior may only occur once rates approach the 6% threshold. With the economy slowing and potential increases in unemployment, uncertainty regarding personal financial situations could hinder homebuyers’ willingness to capitalize on lower mortgage costs.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode