To stimulate the housing market, a survey by Realtor.com suggests that mortgage rates need to drop to the 5% range. A significant portion of Americans believe homeownership would become achievable if rates fell below 6%, with even more considering it possible under 5%. Lower rates would enhance buying power for first-time buyers and reduce mortgage payments for existing homeowners. Despite recent fluctuations, rates have decreased from their peak, offering potential savings for homebuyers. Interestingly, younger buyers, particularly millennials and Gen Z, are willing to buy homes even if rates exceed 8%, showing a strong desire for homeownership despite financial challenges. Today we speak with Kyle Seagraves with Win The House You Love to discuss the mortgage rates, and how the housing market will be affected by the tight housing supply.

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IVE STREAMS ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.