Mortgage Rates Tick Down but Home Buying Still Much Less Affordable Than Renting

Mortgage rates dropped slightly this week to 6.79% for 30-year fixed mortgages, but remain much higher than last year's averages
Despite the rate drop, mortgage applications stalled and were down 0.7% over last week
It's now cheaper to rent than buy a home in all 50 major metro areas in the U.S.
The average monthly cost to buy a starter home is 60.1% higher than renting
Popular markets like Austin and Seattle show significant gaps in affordability for buying versus renting, over 140% more expensive to buy