AdvtAdvtJoin the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. If bond yields decline in anticipation of a Fed rate cut, that could lead mortgage rates to ease.Most economists expect the average rate on a 30-year home loan to remain above 6% this year. "Maybe people are waiting for interest rates to be lower before getting back into the market," Yun said.Lower mortgage rates could also help spur more homeowners to sell. They accounted for 29% of all homes sold last month, which is down from 31% in May, but up from 27% in June last year. They've accounted for 40% of sales historically.Homebuyers who can afford to sidestep mortgage rates and pay all cash for a home accounted for 28% of sales last month, up from 26% in June last year.

Source: Economic Times July 24, 2024 17:36 UTC