🏠 Cheaper mortgages

Hello, Saturday! We're talking about what lower mortgage rates mean for Chicagoans.

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Today's newsletter is 336 words — a 1-minute read.

Jackie Elegant is happily locking down her dream home — a Gold Coast condo with a doorman — if not her dream mortgage rate.

Why it matters: Near-6% mortgages are good enough for some homebuyers.

• A small but growing number of people are taking out new mortgages, according to the Mortgage Bankers Association.

What they're saying: "I am OK with the rate I got knowing I can always refinance," Elegant tells Axios.

The big picture: Easing mortgage rates offer house hunters some relief. But experts say it's going to take a bigger drop to revive the sluggish market.

The latest: Analysts don't expect mortgage rates to fall much further after last week's interest rate cut.

• Realtor.com chief economist Danielle Hale tells Axios she isn't expecting them to dip below 6% this year.

Reality check: Record home prices and low inventory continue to sideline many shoppers. And homeowners remain reluctant to give up their less expensive mortgages.

• Nearly 86% of U.S. mortgage holders have a rate under 6%, per Redfin.

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Median Chicagoland home prices soared nearly 40% since July 2019, according to Redfin data.

Between the lines: Cheaper borrowing costs may boost the number of shoppers competing for houses.

Go deeper: What happens when you give people money to buy houses

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We want to hear if you're helping pay for your child's home.

• Are you contributing to a down payment? Helping with rent?
• If your child bought their first house without your help, how'd they do it?

Email realestate@axios.com or hit reply with your name and neighborhood. We may feature your insights in an upcoming newsletter.

Get your brand in front of highly engaged readers in Chicago.

What's in it for you:

• Reach civic minded leaders and smart professionals.
• Support local journalism with Axios Local.

Learn more about advertising with us.

Our picks:

🤞 Sami is hoping to score a few reads on her wishlist at Half Price Books.

🎧 Bri is listening to her fall walk playlist.

Thanks to our editor Ashley May.