Mortgage Rates Hold Near 7% as Demand Slides and Housing Market Stalls

• Mortgage rates rose slightly this week to 6.82% for 30-year fixed loans • Demand continues to slide as applications dropped for 3 straight weeks • Freddie Mac economist expects rates to remain elevated near 7% in near-term • Inventory is improving somewhat which could temper home price growth • Persistently high rates & prices leave housing market stalled for months