Biggest Mortgage Rate Drop Since Pandemic Sparks Agent Optimism

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Each week on The Download, Inman’s Christy Murdoch takes a deep dive into the week’s most-read articles to give you what you need to face Monday head-on. This week: Real estate agents and prospective buyers rejoiced over the holiday season as mortgage rates dropped significantly. Make sure you are ready to work with them.

Every week, The Download brings you one of the week’s top five stories and service-oriented content to help your business. However, this week we’re doing something a little different. Our featured story was published just before deadline, but it had such an impact that it still holds the number one spot. That’s why we’re working hard to make sure you don’t miss out.

It seems like we’ve been talking endlessly about the market impact of the combination of rising interest rates and low inventory. High interest rates not only deter buyers from searching; Homeowners will be reluctant to list or trade low-interest mortgages at double or even triple interest rates.

Perhaps that’s why this story resonated so strongly with so many people, offering a glimmer of hope that the bad old days of the market will be replaced by sunny skies in 2023.

Mortgage rates rose by a day last week after an encouraging inflation report that convinced bond market investors that the Federal Reserve’s interest rate hikes are done and could reverse course in the spring. It was the biggest decline in about four years.

Homebuyers’ demand for mortgage purchases increased for the second consecutive week, even before the recent drop in mortgage rates, according to a weekly survey of lenders conducted by the Mortgage Bankers Association (MBA).

Extra: Homebuyers are encouraged as mortgage rates hit two-month lows

So if buyers start buying again and the Fed stops raising rates every time we turn around, we may see more talks with buyers. Of course, with the news of a major commission lawsuit, things are a little more complicated than before. We’ve rounded up some of the best recent insights from our contributors on how to talk to buyers right now.

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