The average 30-year fixed weekly mortgage rate dropped to 6.73%, the lowest since February, attributed to cooling inflation and anticipation of a rate cut by the Fed.
Sellers are increasing listings; new listings rose by 8% in May and 13% from the previous year according to Zillow, with home inventory nearly 23% higher than the previous year.
Realtor.com reported a 37% increase in homes for sale compared to last year, with newly listed homes up by 4%, indicating that falling mortgage rates contributed to higher listing activity.
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