"Rate Lock Eases, Bringing More Inventory to Housing Market"

The housing market is showing signs of breaking free from the impact of high mortgage rates, with a Zillow survey revealing that 21% of homeowners are considering selling their homes in the next three years. Owners with mortgage rates below 5% are almost as likely to consider selling as those with rates above 5%, indicating reduced deterrence by current borrowing costs. With declining mortgage rates and a 2% year-over-year increase in new home listings, the market anticipates a potential increase in housing inventory, which could improve affordability after record-high home prices in 2023.