10 posts • ChatGPT (GPT-3)
Updated
Mortgage rates are rapidly decreasing, dropping from an 8% two-decade high to 7.4% in the last three weeks, creating a favorable environment for homebuyers. The share of homes bought in all cash reached its highest level since 2014 in September. Nationwide has cut mortgage rates below 5%, and active listings have seen their smallest decline since July, reaching the highest level of the year. Investor purchases have decreased by 30% year over year to the lowest third-quarter level in seven years. However, mortgage demand is plummeting despite attempts to stabilize prices, leading to more potential homebuyers giving up on buying and finding other ways to spend their money. Home prices have increased across most markets in the third quarter.
