In a surprising turn of events, the mortgage industry in 2024 has experienced substantial inventory growth despite mortgage rates soaring above 7%. This unexpected trend has defied the commonly held belief that high mortgage rates would lead to a decrease in housing inventory. The resilience of the housing market in the face of such high rates is a positive indicator of the industry’s stability and potential for growth.
Key points:
– Mortgage rates have surpassed 7% in 2024.
– Despite high rates, housing inventory has seen healthy growth.
– This goes against the traditional notion that high mortgage rates lead to decreased inventory.
– The unexpected resilience of the housing market is a positive sign for the industry’s future prospects.
You can read this full article at: https://www.housingwire.com/articles/2024-inventory-growth-challenges-mortgage-rate-lockdown/(subscription required)
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