Mortgage Rates Dip to One-Month Low, But Housing Market Remains Challenging
• Mortgage rates fell for the third straight week to 7.44% on 30-year fixed loans, the lowest level in over a month • The drop offers some relief to buyers facing one of the least affordable housing markets in years due to soaring rates • Existing home sales fell 4.1% in October to the slowest pace in over 13 years • Despite declining sales, home prices keep rising year-over-year, pushed up by tight inventory • The share of US homes owned outright increased 5% over the past decade to an all-time high of 40% in 2022