- 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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