Mortgage Rates See Largest Single Week Drop Since 2008
Posted by Boulevard Realty on
- For Early July 2022 -
Mortgage Rates See Largest Single Week Drop Since 2008
- Mortgage rates dropped from 5.7% to 5.3% for the week of July 7
- The gap between list price and sales price is narrowing
- Historically low inventory has been a factor in single-family home sales being down
- Sales are typically slow in July so we should not be comparing to early 2022 sales
- Sellers: Still a fantastic time to sell your home
- Buyers: Better time to buy as the market slowly starts to normalize
Mortgage rates have dropped by half a percent over the past two weeks (from 5.8% to 5.3%). While this is a good sign for buyers, we shouldn’t overreact as we expect mortgage rates to fluctuate heavily in the coming months. In the big picture,…
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