The housing market is loosening up as mortgage rates sink, but 'window of opportunity could be narrow'

• The housing market is loosening up as supply climbs and home prices drop, Redfin said.
• The 30-year fixed mortgage saw its biggest weekly drop in over a year as US bond yields fell.
• "I'm advising buyers to lock in a mortgage rate as soon as they drop to a number where they can make the math work."

The housing market is loosening up as mortgage rates have tumbled, but it doesn't necessarily guarantee lasting relief for buyers, Redfin said.

As a result, this may be the time to lock in a deal, the real-estate data firm said, noting that while mortgage rates could keep falling, they may easily rebound to prior highs.