Interest Rates Are Falling: 1 Super Stock to Buy Hand Over Fist Right Now

According to the Federal Home Loan Mortgage Corp. (Freddie Mac), the U.S. 30-year fixed mortgage rate hit 7.79% in October 2023, which was the highest level since 2000. It crushed the borrowing power of consumers, and it also made existing homeowners hesitant to sell for fear of abandoning their existing lower rate.As a result, high interest rates decimated the housing market. U.S. existing home sales came in at 3.9 million annualized units in July, down a whopping 40% from the recent peak of 6.6 million from 2021. But the tide appears to be turning, because the 30-year fixed mortgage rate is down to 6.2% in anticipation of a slate of interest rate cuts from the Federal Reserve.Real estate technology stock Redfin (NASDAQ: RDFN) soared 32% so far this year as investors price in an improving housing market on the back of lower rates. It's still down significantly from its all-time high, so here's why it's not too late to add it to your portfolio.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool