Mortgage rates — both their high levels and wild swings — are making life difficult for buyers and sellers, according to a recent survey. Relatively high rates have brought new listings down to record lows, leaving buyers with limited options. Any dips in mortgage rates are stimulating demand and stiffening competition, but they have been short-lived.
“We know there are a lot of motivated buyers looking for homes,” said Skylar Olsen, Zillow chief economist. “When we see mortgage rates fall, sales pick up. But buyers are disappointed in their options. Homeowners aren’t giving up their current house and low monthly payments to join a tight, expensive market. Meanwhile, volatility in the economy makes planning extremely difficult.”
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