How a 1% Drop in Mortgage Rates Could Unlock 5.5 Million Buyers

A 1% drop in mortgage rates could add about 5.5 million potential homebuyers, including 1.6 million renters, by improving affordability. For example, on a $450,000 loan, monthly payments could drop by over $200, making homeownership more accessible. Lower rates also encourage current homeowners to move, increasing inventory. Certain metro areas could see up to an 8% rise in qualifying buyers, potentially boosting home sales significantly.