Mortgage rates dropped sharply amid market downturn

CNBC's Diana Olick joins CNBC's Market Sell-Off Special Report to talk mortgage rates falling.

[AndreaRoberto-wmth]

Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.

[Garrett-lopu]

The fin-Market;s have underperformed the U.S. economy as fear of inflation hammers the prices of stock;s and bonds. My portfoliio of $750k is down to $592k any recommendation;s to scale up my return;s during this crash will be highly appreciated.

[Dawne-tw]

Back in the days, when I purchased my first home to live in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[andrewwiggin]

What are they going to do when the rates go down but everything is still unaffordable? At some point we have to acknowledge a 50% price increase to the housing market wasn't organic and isn't healthy for the country.

[aintEZbeingBeezy]

They can drop them down to 2%... I'm still not buying until these prices come back to reality. Rates eb and flow, especially over the course of a 30 year mortgage.... However, no interest rate can offset a horrible purchase price, and these prices will have people upside down or at a break even for at least the next 10 years.

[Manuels-zsyi]

Retired at 50 few years ago, $1m in the bank. More time with my wife. 3-5 trips to the gym each week that I couldn’t do while working. Way less stress. More time for hobbies. Cycled 5, 000 miles my 1st year of retirement. Joined a golf league that work travel had prevented. Actually have seen our net worth INCREASE nearly each year in retirement, thanks to no debt and years of dedicated investing with my FA joanna claire who made me a million after giving her a sum of one hundred and eighty thousand to start. Now i'm able to help my elderly mom more. Way more time spent outdoors with my family. Life is good!

[smahmood]

Omg 6bp!!!! 😮 I’m buying my second home tomorrow! 😂

[studoroma]

these clowns aren't presenting the complete picture. Investors has a clench on home inventories across the nation. they're not lowering the prices.

[skyak]

Existing homeprices might not rise. So many owners are not listing because there are no homes to move to and rates are too high. Lower rates may bring more supply which will keep prices flat.

[Coisiniiiiii]

This reminds me of the recently released "2024 Top 10 World Most Expensive Modular Apartment Highrises". As for future real estate trends, these high-priced modular apartments seem to be becoming more and more common. What do you think of this trend?

[damham]

Showing mortgage rates are not linked to the lending rate but to the greed rate.

[MikeHawk_]

And the drop still won't bring in many new buyers. lnflation has caught up to too many people..

[charlesbusch]

The prices are too high for the average buyer to buy houses? Buters are concerned about future taxes, insurance, utilities raises?

[Bapdog]

The interest rates are going down because the election is coming up 😭

[nilocdg]

Let’s get that down to 5 so people can actually afford a loan

[matthew.m.stevick]

Market doing its thing despite papa JP being off by 1 month. Love to see it. The invisible hand.

[teebone]

I love how they say just casually.20% down on a home.People really have $80000 in cash in an economy.Move and everyone's living at the paycheck

[Bridin]

perfect time to buy! everything is going swimmingly in the economy🎉🎉🎉

[eddieloujones]

So stupid. Yeah run out and take on more debt to keep the bubble going. Please buy my overpriced house.

[teebone]

But how's in prices aren't falling