Sep. 4 at 5:53 PM
Freddie Mac: Mortgage rates hit 6.5%, the lowest level since October 2024
Mortgage rates have remained around 10-month lows in recent weeks, though there’s little evidence that lower rates have boosted homebuying during a seasonally slow part of the year.
MBA: Mortgage applications to purchase a home dropped 3% compared to a week earlier
Apollo: Demand for housing is slowing because of high home prices, high mortgage rates & declining immigration. Housing supply is steady because existing homeowners are reluctant to sell their homes, since they’re locked into lower mortgage rates and don’t want to take on higher ones. Housing supply of new homes is rising
The bottom line is that there is downward pressure on home prices coming from falling demand & rising supply.
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