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.
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.
"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.