Mortgage rates are down again this week, which means things are looking up for homebuyers.
The average rate for a 30-year fixed-rate mortgage ticked down 2 basis points to 6.13%, according to Freddie Mac, continuing a pattern of rates seesawing lower since topping 7% in the fall. In fact, mortgage rates are at their lowest levels since mid-September 2022.
Yet, while lower borrowing costs are a boon for homebuyers, few seem to be pouncing on this opportunity as they might have a year or two earlier.
“As we move into the new year, housing market data continues to suggest that buyers are relatively sluggish as the total number of homes for sale climbs higher and homes spend more days on market,” noted Realtor.com® Chief Economist Danielle Hale in her analysis for the week ending Jan. 21. “After unprecedented urgency to find and close on a home in 2021 and 2022, buyers in today’s housing market are clearly operating under a different set of expectations and a much greater measure of patience.”