Mortgage rates have been on a downward trend for the past 7 weeks. From a high of low 7% down now to the low 6%. This is in conjunction with inflation indicators showing that inflation is rising at a much slower rate and beginning to show signs that it may be coming under control as well as the normal post Holiday demand.
This isn’t to say that the market has reversed course. But what it is showing is that consumer confidence in the real estate market is rising as rates stabilize and move downward. Synthesizing all of the data available to them, they apparently are reaching the conclusion that the real estate market isn’t as uncertain as they believed a few months ago.
Consumer confidence is everything in all markets. As confidence rises and rates come down, the demand for housing will once again rise. Which also means, that inventory will react accordingly. Growing demand will equal growing inventory, which will fuel more demand. A cycle. All healthy signs.
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