Check out how much lower rates impact home sales (CHART)

Check out the chart above from Matt Graham at Mortgage News Daily showing how much existing home sales can move if rates drop.

Rates are now 7% which is too high for any meaningful homebuying spike.

But home sales may drop as:

(a) rates get back into the 6s as inflation hopefully continues to wane this summer, and

(b) certain homebuyers with kids need to take action before school starts again late-summer and early-fall.

As for next week, hit the link below for Matt’s rate preview.