Mortgage Rates Dip but Housing Market Still Faces Affordability Challenges
• Mortgage rates continued to decline this week, sparking some signs of life in the housing market, but affordability issues persist
• The average 30-year fixed rate fell to 6.67%, while the 15-year fixed average hit 5.95%
• Lower rates brought some buyers back and builders responded with an increase in new home construction
• However, buyer and seller activity remains low compared to pre-pandemic levels
• Home prices stay well above 2019 levels and inventory remains tight, slowing the return to a balanced market