A lower rate should be “enough of an incentive” for some homeowners to sell their homes and trade up, opening up inventory.
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Builders also continue to offer mortgage-rate buydowns and other incentives to make new builds attractive to buyers.
Home prices are at the crux of the housing affordability crisis in the U.S.
Current mortgage rates are still near 7%.
“The dreaded mortgage rate ‘lock-in’ effect is fading,” said real estate investor and Reventure CEO Nick Gerli.
Even if rates dropped to zero, typical homes would still be unaffordable for median earners in some major metro areas.
“We see the housing market remaining relatively stuck without major progress being made on affordability,” home construction CEO…
