Mortgage Rates Dip to 6.79% as Fresh Listings Flood the Market
Mortgage rates fell this week, providing some relief for prospective homebuyers as more new listings hit the market, although rates remain elevated near 7% and the Federal Reserve's monetary policy suggests they will stay higher for longer. Home prices have remained flat, while home sellers are increasingly reducing their listing prices, and overall active inventory has seen a significant increase. Despite inventory growth, homes are still selling relatively quickly due to lower inventory levels compared to pre-pandemic times.