After struggling with decades-high mortgage rates and a seven-month streak of rising home prices, prospective homebuyers are finally getting some welcome news. And it’s helping to kick-start what had been, until recently, moribund home sales.
The average 30-year fixed mortgage rate has tumbled to 6.64% after peaking at 8% just two months ago, according to Mortgage News Daily. At the same time, both new listings and pending home sales in November climbed to their highest levels in about a year as buyers and sellers “got tired of waiting on the sidelines and mortgage rates ticked down,” according to a report released Friday by Redfin. New listings increased a modest 1.3% month over month to the highest level since October 2022, while active listings (the total supply of homes for sale) grew 3.9% month over month.
