Mortgages rates will keep falling but homes won't become more affordable until these 3 things happen, Moody's chief economist says

Dec 25 2022 by Business Insider

 

Getty Images/Mark Wilson

Moody's chief economist Mark Zandi said Friday that US existing home sales have bottomed out.  The combination of high mortgages and expensive homes have kept buyers out of the market, but US incomes also play a role, he said. Meanwhile, mortgage rates have fallen for six consecutive weeks, the longest drop since 2008.

Typical home prices are far higher now than they were a year ago, according to Moody's Analytics' chief economist, Mark Zandi, and three things need...

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