This is the magic mortgage rate number to reignite the housing market

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A survey by Realtor.com suggests that a decrease in mortgage rates could stimulate the housing market, with a “magic number” of around 5% identified as a significant trigger for prospective homebuyers. The report found that while one-fifth of Americans claim they would consider buying a home if rates were below 6%, a larger portion, one-third of the population, would need rates to drop below 5%. Even though mortgage rates have been falling since their 8% peak last autumn, they have not yet gone below the mid-6% range. Despite this, many potential buyers, especially millennials and Gen Z, expressed willingness to purchase a house even if rates do not continue to drop.
Keywords: mortgage rates, housing market, Realtor.com, homebuyers, Gen Z, millennials, 5% mortgage rate.

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