The housing market's tight inventory doesn't look like it will get much better soon, according to a Wednesday Redfin report.
The number of owners with a mortgage rate below 6% is just below the record high of 92.9% reached in the middle of 2022. In fact, 82.4% of homeowners have a mortgage rate below 5% and 62% have a rate below 4%, per Redfin. Notably, 23.5% of homeowners have a mortgage rate below 3%, almost the highest proportion with a rate that low on record.
These figures are fueling competition between Americans who are looking to buy a home, and that's also preventing home prices from falling.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: