U.S. mortgage rates have fallen for the ninth consecutive week, as anticipation builds for interest rate cuts by the Federal Reserve. The impact of high rates in 2023 has been detrimental to home affordability, making it increasingly challenging for people to buy homes. This has been noted in a report by Redfin, which highlights 2023 as one of the least affordable years for buying a home, primarily due to elevated mortgage rates. Furthermore, there is a shortage of available homes, with existing inventory low and new listings being added at a sluggish rate.

The Digest, 1/2/2024 @1200AM, CDT

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