Mortgage rates drop for fourth consecutive week amidst low inventory and demand challenges.

Mortgage rates have fallen for the fourth consecutive week, with the 30-year fixed-rate mortgage averaging 6.28% in the week ending April 6, down from 6.32% the week before. However, homebuyers still face challenges due to low inventory of homes for sale, especially for first-time buyers. The Federal Reserve's recent interest rate hike and potential stricter lending requirements could make borrowing for large purchases, including home purchases, more challenging in the short term. Despite this, home prices are showing signs of softening, creating an opportunity for potential buyers to enter the market.