Mortgage rates are roughly double year-ago levels but have fallen from their 7% highs. That's providing at least some relief to potential home buyers.
But potential home buyers may have noticed something different recently: Rates are falling.
An expectation that the Federal Reserve’s actions to tame inflation will cause a recession has also helped bring down mortgage rates, due to a complicated interplay of how the Federal Reserve and investors react to economic downturns.Southern California home prices fell again in November, the result of high mortgage interest rates that have sapped demand.
With the somewhat improved lending picture, coupled with home prices that have come down a few percentages points in recent months, some home buyers have returned to the market.Redfin agent Gregory Eubanks said he’s writing a few more offers and about 20 people strolled through his recent open house for a $950,000 townhome in Los Angeles’ Mid-City neighborhood.
“We’ve seen a little bit of a resurgence,” Eubanks said. “But there’s that payment shock that is still occurring. “
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