Mortgage Rates Drop Near Three-Year Low as Homebuyer Demand Stalls
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U.S. mortgage rates have fallen to a three-year low of 6.17%, enhancing homebuyers' purchasing power. A buyer with a $3,000 monthly budget can now afford a $473,750 home, up from $447,750 last year. However, buyer activity is still low, with pending home sales down 0.7% year-over-year. The median home sale price is $391,250, a 2% increase. New listings rose by 4.6%, while active listings increased by 7.1%. Homes are taking longer to sell, with a median of 48 days on the market, and only 23% sold above list price, indicating reduced competition.
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