Property Invests
"Zooming out to the bigger picture, mortgage rates have declined one and a half percentage points over the last 12 months, home price growth is slowing, inventory is increasing, and incomes continue to rise," Khater said.
Since the August 2 jobs report, the stock market has regained its footing and mortgage rates have stabilized, as investors balance that data point with other, less dire indicators, like low initial jobless claims.
"Even with moderately lower mortgage rates, affordability remains close to historic lows due to the high level of home prices relative to incomes," said Mark Palim, Fannie Mae's deputy chief economist.
The steady decline hasn't done much to increase demand to buy homes, a trend that's not uncommon, said Sam Khater, Freddie Mac's chief economist.