The housing market may be thawing as rates dip and the number of listings inch higher

The housing market might be turning around for frustrated would-be buyers as mortgage rates dip and listings rise, according to the real estate brokerage Redfin.

The housing market might be turning around for frustrated would-be buyers as mortgage rates dip and listings rise, according to the real estate brokerage Redfin.

The interest rate on a 30-year fixed mortgage is down to 7.03%, according to government-backed lender Fannie Mae. It peaked at just above 8% in early October. That marked a 23-year high.

In response to that change, Redfin says, mortgage applications are up 15% since early November, when they hit a 28-year low, and new listings of homes are up 7% from last year, when interest rates were spiking.

As a result, applications to buy a home are rising.

But if the housing market is thawing, it's not happening very quickly. In a news release issued Thursday, Fannie Mae said there are already signs that the growth in applications is slowing down.

https://www.nbcnews.com/business/economy/housing-market-improving-as-interest-rates-fall-home-listings-grow-rcna128562


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