Housing market trends favor home shoppers, but Iran war clouds the outlook for mortgage rates
The US housing market is favoring home shoppers due to lower listing prices and more homes on the market, but the conflict with Iran is driving up mortgage rates. Despite this, home shoppers who can afford to buy at current rates are likely to find a more buyer-friendly market with more leverage to negotiate with sellers.
The US housing market is favoring home shoppers due to lower listing prices and more homes on the market. However, the conflict with Iran is driving up mortgage rates, with the average 30-year mortgage rate rising to 6.46%. Home shoppers who can afford to buy at current rates are likely to find a more buyer-friendly market. In many areas, sellers are being forced to price their homes more competitively or offer incentives to attract buyers. The increase in active listings is giving home shoppers more leverage to negotiate. The trends are expected to continue, with some areas seeing more significant increases in listings than others.
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