Posted 3/7/2024, 5:19:00 PM
Mortgage Rates Dip Slightly, Spurring More Homebuyers Despite Affordability Challenges
- Mortgage rates fell slightly this week to 6.88% for a 30-year fixed, sparking a rise in purchase applications
- Rates remain elevated compared to a year ago when 30-year fixed rates averaged 6.73%
- Lower rates led to a nearly 10% increase in mortgage applications
- High home prices combined with high interest rates are fueling an affordability crisis
- Many buyers and sellers are waiting for rates to fall further before entering the housing market
