Reported about 18 hours ago
Mortgage rates have reached 6.5%, marking the lowest level since October 2024. However, this decline has not led to an increase in homebuying activity, as mortgage applications for purchases fell by 3% last week, while refinancing applications saw a modest rise of 1%. Reports suggest that despite lower rates, demand for homebuying remains subdued due to ongoing affordability challenges faced by potential buyers.
Source: YAHOO