Mortgage Rates Stuck Around 6.8%; Dampening Demand and Forcing Adjustments for Homebuyers

• Mortgage rates stalled around 6.8% and are unlikely to drop meaningfully soon despite improving inflation • Purchase mortgage applications have fallen for 3 straight weeks due to high rates hovering around 7% • Housing inventory is increasing as more homeowners list properties, up 23.5% in March vs last year • Homes priced $200k-$350k are seeing much of the for-sale housing activity • High insurance rates in Florida and other states are scaring some buyers away from home purchases