But a new study shows that 5.5% may be the magic mortgage rate that gets things moving in the market, according to analysis from John Burns Research and Consulting, which specializes in the housing industry. Mortgage rates more than doubled over the past year, reaching as high as 7.08% in November, according to Freddie Mac’s average weekly mortgage rate for a 30-year fixed rate loan. Since then the rate has declined by almost a full point, and currently sits at 6.27%.
5%, have been achieving the most success,” CEO John Burns and Maegan Sherlock, a senior research analyst, wrote in an note about the findings. “Many of the largest builders in the country have been buying mortgage rates down below 5%.” They report that low inventory in the existing home market is helping new builders tremendously.
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