Thu Sep 26 14:09:24 UTC 2024: ## Home Buying Activity Sees Slight Uptick in August as Mortgage Rates Dip
**Washington, D.C. -** The housing market saw a modest rebound in August, with contracts to purchase previously owned homes edging up from July’s record-low level. The uptick is attributed to a drop in mortgage interest rates, fueled by anticipation of Federal Reserve benchmark rate cuts. This slight improvement in affordability offered a much-needed boost to the struggling housing sector.
While the increase in contracts is encouraging, experts caution that the market remains fragile. The recent decline in mortgage rates, though welcomed by potential buyers, is still significantly higher than pre-pandemic levels. This continued high cost of borrowing continues to weigh on affordability and overall demand.
Despite the recent bump, the overall housing market remains subdued, with low inventory and high prices continuing to present challenges for both buyers and sellers. The coming months will offer a clearer picture of whether the recent increase in activity signals a true rebound or merely a short-lived blip in a sluggish market.
First Piper 