Housing Wrap Up
Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Mortgage Rates Move Modestly Lower
Elevated mortgage rates continue to exert significant pressure on the housing market. Over the past several months, existing home sales have essentially moved sideways, preserving the lackluster trend that began in 2023. In addition to financing costs, prohibitive home prices and scarce supply remain discouraging to interested buyers.