The housing market has been particularly brutal the past couple of years. While the pandemic ushered in an era of sub-3% mortgage rates, those climbed to levels peaking at 8% in October 2023. Current mortgage rates are still hovering around the low-6% range and home prices are 55% higher than they were at the beginning of 2020, according to the Case-Shiller U.S. National Home Price Index.
But the U.S. housing market is slowly but surely moving in favor of buyers. Mortgage applications surged nearly 30% last week, according to the Mortgage Bankers Association. Home prices are also starting to plateau and even drop in some markets.
