"Mortgage Rates Hit 2021 Low"

Mortgage rates have dropped to their lowest level since May 2023, providing some relief for homebuyers in a challenging market. The 30-year fixed-rate mortgage averaged 6.60% this week, down from 6.66% the previous week, improving affordability but also placing more pressure on already depleted inventory for sale. While falling rates are a positive for buyers, challenges are expected to remain due to historical low inventory and the supply and demand imbalance, which is likely to keep home prices elevated.