Mortgage rates plummeted yesterday, making people wonder if the housing market will perk up for the rest of 2024.

Getting a lower rate will be a nice sweetener, but buyers aren’t going to overpay just because their payment went down a couple of bucks. Just the turbulence from the realtor fiasco will force extra caution into the equation.

Who will benefit are the sellers of fresh new listings entering the market.

The current inventory is picked over, and unless those sellers dump on price, they still don’t have much chance of selling, even with lower rates. The remaining buyers have waited this long – they aren’t going to cave now.

Sellers – it’s the time to give it everything you got!

https://www.mortgagenewsdaily.com/markets/mortgage-rates-08022024