According to Freddie Mac: Mortgage rates continued to inch downward this week but are still significantly higher than last year. The rising rates are affecting both affordability and purchase demand.
Heading into the summer, the Fed sees the potential homebuyer pool is shrinking, supply is on the rise and the housing market is slowly moving towards normalizing.
This is welcome news following unprecedented market tightness over the last couple of years.
Remember real estate is local and while many of our neighborhoods are experiencing more days on market-some are still getting multiple bids on properties.
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