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Freddie Mac survey

Buyers are getting ‘a leg up’ for the first time in years

Buyers are getting ‘a leg up’ for the first time in years

"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.

Mortgage rates plunge to lowest level in 15 months

Mortgage rates plunge to lowest level in 15 months

Inventory is higher heading into fall compared to recent years, so if the Federal Reserve chooses to make deeper rate cuts in September, that could lead to a late-year uptick in sales.

Mortgage rates still not low enough to spark buyer interest

Mortgage rates still not low enough to spark buyer interest

"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.