After years of rising home prices and high mortgage rates, there are signs that the housing market may be turning in favor of buyers. The Federal Reserve’s actions to support the economy during the pandemic led to low borrowing costs, prompting families and remote workers to seek homes with more space. Despite expectations that high interest rates would decrease demand, homeowners held off on listing their homes to maintain low mortgage rates, resulting in even higher prices due to a housing shortage. However, recent data from a real estate marketplace suggests that the market is slowing down, with more sellers offering price cuts. Additionally, the average rate for a 30-year fixed-rate mortgage is at its lowest level since mid-March. This, along with an increase in new home construction and the possibility of the Federal Reserve reducing interest rates, could make buying a home more affordable in the future.
