- Housing News
- June 27, 2024
Pending Home Sales Fell in May: Lower Mortgage Rates Could Lure Buyers Back to the Market
Fewer homes went under contract in May—but sales could pick up as mortgage rates continue to dip.
Clare Trapasso is the editorial director at New American Funding. She was previously the Executive News Editor for Realtor.com and a reporter for a Financial Times publication, the New York Daily News, and the Associated Press. She also taught journalism courses at several New York City colleges. She loves dogs, hiking and kayaking, and New York pizza.
Fewer homes went under contract in May—but sales could pick up as mortgage rates continue to dip.
Buying a home at a time when both prices and mortgage rates are high may seem like insanity to some cost-conscious buyers. However, it could wind up being a financially savvy decision.
It may become a little more affordable to purchase a home this summer. Here's the latest on what interest rates are doing and what it means for you.
Across the country, all-cash buyers purchased about 28% of homes in April, according to the National Association of Realtors.