Potential homebuyers may have their interest in the housing market re-ignited, with visits to homes that are for sale increasing, according to real estate platform Redfin, at a time when there are signals that mortgage rates could be on a downward trend.Property touring activity shot up by nearly 30 percent as of June 9 from the beginning of 2024. This comes after data showed that mortgage applications have soared recently on the back of a slight dip in mortgage rates.
'The latest inflation report is good for homebuyers because it has already sent mortgage rates down, though this week's Fed meeting will temper mortgage-rate declines,' Chen Zhao, Redfin's economic research lead, said in a statement.But a drop in mortgage rates could also spark demand that may end up pushing prices up. Prices are already elevated, Redfin data shows. The median sale price of a home rose 4.
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