Rising Inventory and Mortgage Rates

Inventory is on the rise as rates remain high. If rates go down and more buyers enter the market, inventory could decrease.

📉 Mortgage Rates: The average 30-year fixed-rate mortgage fell to 6.89% in the week ending June 6, down 13 basis points from the previous week. While rates have eased slightly, they’re still high. 💰

🏠 Home Prices: National home sale prices rose 5.3% year over year in April, up 1.1% from the prior month. Recent gains are softer compared to previous years’ price jumps. CoreLogic predicts slower price growth by next spring. 📊

📦 Inventory: Approximately 605,000 single-family homes are currently on the market, which is 39% more than last year. Inventory levels may continue rising if rates remain high. 📈

🔍 Fed Rate Cut: Lower inflation could lead to lower interest rates. Keep an eye on upcoming economic releases for further insights. 📉

For more details, you can refer to the original article here. 😊🏠📉📈

“Weekly Mortgage Rates Dip, Home Price Gains Soften” from Florida Realtors: