Looks like the Fed is ready to embark on a new rate-cutting cycle next month. And mortgage rate drops like a rock today.
From over 8% late 2023 to below 6.5% this week. 1.5% drop in 8 months.
Buried in this report from Wayfair is a comment that demand has dropped to levels not seen since the 2009 crisis.
https://investor.wayfair.com/news/news-details/2024/Wayfair-Announces-Second-Quarter-2024-Results-Reports-Best-Quarter-of-Profitability-and-Cash-Flow-in-Three-Years/default.aspx
As of Thursday, September 26, 2024, current interest rates in Illinois are 6.26% for a 30-year fixed mortgage and 5.56% for a 15-year fixed mortgage.