Reported 6 months ago
As the average rate on a 30-year fixed mortgage falls to 6.99%, homebuyers are facing a bittersweet market where rates have dipped below 7%, but high home prices continue to challenge affordability. Despite growing housing inventory, low buying activity persists due to the pressure from elevated rates and home prices. Mortgage applications have declined, with purchases down 4% and refinances down 7%, leading to a 13% decrease in demand compared to last year. Experts highlight the need for more housing inventory to alleviate tough affordability conditions.
Source: YAHOO