Posted 3/7/2024, 5:19:00 PM
Mortgage Rates Edge Down Slightly, Sparking Uptick in Home Purchase Applications
- Mortgage rates fell slightly this week after climbing for a month, sparking more home purchase applications
- Rate on 30-year fixed mortgage dipped to 6.88% from 6.94% last week, 15-year rate also edged down
- Home purchase demand still sensitive to rate changes, applications rose for first time in 6 weeks
- High mortgage rates remain a major hurdle for potential homebuyers looking to enter the market
- Record-high home prices combined with high rates worsening affordability crisis in housing market