Reported 5 months ago
Mortgage rates dropped below 7% for the first time in over a month, with the average rate on a 30-year loan falling to 6.94%, according to Freddie Mac. Despite this decrease, the spring homebuying season has been slower than usual due to high mortgage rates, high home prices, and low inventory. Homebuyers remain cautious, as purchase mortgage applications fell by 1% this week, while refinance activity increased. Existing home sales also declined in April due to low inventory levels and rising home prices.
Source: YAHOO