Now that mortgage rates have reached a year-to-date low of 6.57%, the question remains: is this low enough to attract more homebuyers, or do we need rates to drop to 6%? I’ve frequently mentioned the significance of the 6% mark, so let me explain. 

In 2022, we experienced the most significant decline in home sales ever when mortgage rates soared from 3% to 7%. I’ve observed that our weekly Housing Market Tracker data improves when mortgage rates move from 6.64% toward 6%. We don’t need mortgage rates back to 3, 4 or 5% to see a meaningful improvement details ⇒

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