The housing market has shifted toward a buyer's market, expert reveals
Redfin CEO Glenn Kelman unpacks the state of the housing market on 'Barron's Roundtable.'
Mortgage rates remained near a three-month low this week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked up to 6.65% from last week's reading of 6.63%. The average rate on a 30-year loan was 6.74% a year ago.
"Despite volatility in the markets, the 30-year fixed-rate mortgage remained essentially flat from last week," said Sam Khater, Freddie Mac’s chief economist. "Mortgage rates continue to be relatively low versus the last few months, and homebuyers have responded."
The average rate on the benchmark 30-year fixed mortgage ticked up to 6.65% from last week's reading of 6.63%. (Steve Pfost/Newsday RM via)
"The combination of modestly lower mortgage rates and improving inventory is a positive sign for homebuyers in this critical spring homebuying season," Khater added.
MORTGAGE RATES FALL AGAIN WITH LARGEST WEEKLY DECLINE SINCE MID-SEPTEMBER
IS THE US HOUSING MARKET BECOMING A BUYER-FRIENDLY MARKET?
The average rate on the 15-year fixed mortgage inched higher to 5.8% from 5.79% last week. One year ago, the rate on the 15-year fixed note averaged 6.16%.
Realtor.com senior economist Joel Berner told Gxstocks that the 2025 housing market is shaping up to be more buyer-friendly.
The average rate on the 15-year fixed mortgage went to 5.8% from 5.79% last week. (Joe Lamberti/Bloomberg via / Getty Images)
He said that now is a good time for buyers to enter the market after years of subdued transactions, especially in 2024, which shaped up to be the slowest year for existing home sales since 1996, according to the firm’s data.
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He believes the housing market is transitioning from a seller’s market to a more balanced one, with increased inventory, more price reductions, longer time on the market and lower listing prices compared to last year, with all contributing to the current buyer-friendly conditions.
Gxstocks' Daniella Genovese contributed to this report.
