“Mortgage rates likely had this cut–and this expected rate path–priced in, and lower mortgage rates, now close to 6%, have resulted in much more refinance and some additional purchase activity in recent weeks. We do expect that if mortgage rates remain near these levels, it will support a stronger than typical fall housing market and suggest that next spring could see a real rebound in activity.” --Mortgage Bankers Association SVP and Chief Economist Mike Fratantoni 

Over 21 million renter households spent more than 30% of their income on housing in 2023; representing nearly half of the renter households for whom rent burden is calculated, the Census Bureau reported.