Mortgage Rates Dip Slightly But High Prices Deter Buyers
- Mortgage rates continued to decline but homebuyer demand has dropped
- The 30-year fixed mortgage rate averaged 7.03% last week, down from 7.22% the previous week
- Mortgage rates will likely need to drop further to spur more homebuying interest
- Rates could fall to around 6.5% by end of 2024 if inflation keeps improving
- 86% of Americans think now is a bad time to buy a home due to high prices and rates