Real estate is still waiting for mortgage rates to come down, economist says

US existing home sales fell below April estimates, reporting a figure of 4.14 million for the month while declining more than expected by 1.9% month-over-month. Realtor.com Chief Economist Danielle Hale helps Yahoo Finance look deeper into the housing data and what it signifies for forthcoming improvements in the housing market.
"For existing homeowners who are maybe reasonably happy with their home, but ready to make a trade either up or down or to something different, it is really expensive to try to get a mortgage at a 7% rate, compared to their current rate," Hale explains. "90% of them are under six and two-thirds are under 4%. so it makes it a lot more expensive to move."
She also expects real estate market and buyer activity to "ramp up" with every little decline in mortgage rates, but forecasts it to still be a "slow comeback."

About Yahoo Finance:

Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life.

- Get the latest news and data at finance.yahoo.com

- Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO)

- Follow Yahoo Finance on social:

X: http://twitter.com/YahooFinance
Instagram: https://www.instagram.com/yahoofinance/?hl=en
TikTok: https://www.tiktok.com/@yahoofinance?lang=en
Facebook: https://www.facebook.com/yahoofinance/
LinkedIn: https://www.linkedin.com/company/yahoo-finance

Видео Real estate is still waiting for mortgage rates to come down, economist says канала Yahoo Finance