Similar Stories to Chicago’s Summer Real Estate Market Was Plagued By Inventory, Affordability Challenges, With Lower Mortgage Rates Offering Relie on Bing News

Justin Gwizdala, 33, recently purchased his third home. He and his wife had been waiting for mortgage rates to come down and for the right house to come on the market so that they could move closer to family and friends in the northeast suburb Lake Forest. The last time the father of three bought a home — in 2021 — he snagged a 3% mortgage rate for a five-bedroom home in Hawthorn Woods. Mortgage rates have since shot up, but Gwizdala said he was pleasantly “shocked” to secure a mortgage rate under 6% for his most recent home purchase.

BING NEWS:
  • Record Low Mortgage Rates Are Now a Major Problem for Homebuyers. Here's Why
    Too many homeowners have affordable mortgages that are worth keeping, which is a problem for the housing market. Besides high mortgage rates and steep home prices, the lack of existing homes for sale ...
    10/30/2024 - 5:50 am | View Link
  • Pending home sales jump to six-month high as lower mortgage rates draw buyers in
    The numbers: Pending home sales jumped in September as a big drop in mortgage rates pushed more buyers into the market. Contract signings in the U.S. rose 7.4% in September from the previous month, ...
    10/30/2024 - 3:43 am | View Link
  • Chicago’s summer real estate market was plagued by inventory, affordability challenges, with lower mortgage rates offering relief for some
    Justin Gwizdala, 33, recently purchased his third home. He and his wife had been waiting for mortgage rates to come down and for the right house to come on the market so that they could move closer to ...
    10/29/2024 - 11:19 pm | View Link
  • Housing market predictions for the rest of 2024
    Home prices, mortgage rates, inventory levels and commissions will all shape housing affordability through the remainder of this year. Curious where these trends may go? Read on t ...
    10/29/2024 - 9:00 pm | View Link
  • U.S. housing market is on the ‘verge of a vicious cycle,’ which is ‘not good for America,’ Lennar Mortgage head warns
    Laura Escobar, the president of Lennar Mortgage, said the lack of affordable housing options poses a threat to America’s future.
    10/28/2024 - 6:48 am | View Link
  • More

 

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