Mortgage Rates Continue to Fluctuate, Impacting Homebuyers and Homeowners Alike.

Mortgage rates have surged closer to 7%, further worsening housing conditions for buyers. Elevated rates, along with still-high home prices, have been a blow for homebuyer affordability and have convinced many homeowners to delay listing, worsening inventory conditions in a supply-starved market. The dearth of deals was evident in other data this week, with the share of applications to purchase a home sliding 3% last week from a week earlier, according to the Mortgage Bankers Association’s survey. Overall, buyer demand is 45% lower than the same week one year ago.