When mortgage rates are volatile, meaning they fluctuate significantly up or down, it can affect the affordability of homes for potential buyers. Higher mortgage rates can make monthly payments more expensive, which could discourage some buyers from making a purchase. Conversely, lower mortgage rates can make homes more affordable, which could encourage more buyers to enter the market.
The decline in home sales could have various effects on the housing market and the economy. Fewer sales could lead to a decrease in housing prices if demand for homes decreases. This, in turn, could have a ripple effect on related industries, such as construction and home improvement. On the other hand, a decrease in home sales could also indicate a slowdown in the economy, as home buying is often seen as a leading indicator of consumer confidence and economic growth.
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