Second Consecutive Week of Mortgage Rate Drop Sparks Increased Applications, Narrow Window of Opportunity

The U.S. housing market is undergoing significant changes with the 30-year fixed mortgage rate dropping for the second consecutive week to 7.61 percent, after a seven-week consecutive rise. This significant drop has sparked renewed buyer interest, leading to an increase in mortgage applications and mortgage demand. The market is also experiencing the highest level of cash offers for homes in nearly a decade, and the share of homes bought in all cash has hit its highest level since 2014. However, experts warn that this window of opportunity could be narrow. Nationwide has further eased the market by cutting their mortgage rates to below 5%.