Quote: Sept. 19, 2024

“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