Mortgage Rate Relief Drives up Demand. NAR Chief Economist optimistic about 2024

Mortgage rates were trending down for their third straight week. Mortgage application demand increased in response to the decline. This is such welcome news relative to the highs from just a few short weeks ago. Hopefully this sets a precedent moving towards the end of 2023, because Lawrence Yun, Chief Economist of NAR is expecting a 15% increase of existing home sales – and – mortgage rates to stay in the 6-7% range in spring of 2024.