Part 3/7:
As inventory levels in the housing market trend towards pre-pandemic levels, signals indicate that we might soon see more homes hitting the market as desperate owners try to escape untenable financial situations. This could, in turn, further exacerbate existing economic challenges.
Understanding the Mortgage Landscape
While homeowners grapple with property taxes, the mortgage market shows some signs of fluctuation as mortgage rates dip slightly. Recent trends indicate rates have fallen from around 7% to 6.79%, prompting conversations about refinancing. However, the reality is that only homeowners who secured mortgages at rates significantly higher than 6.79% may find value in refinancing.