"Spring Inventory Spurs Drop in Mortgage Rates: Refi Applications Surge"

Mortgage rates for 15-year and 30-year mortgages have dropped, with the 30-year fixed-rate mortgage averaging 6.74% this week. Spring is expected to bring higher home prices and a more competitive housing market. Affordability has become a major issue for buyers, with the income requirement to comfortably afford a home now at $106,000 annually, 80% higher than in 2020. Additionally, 15% of Americans have co-purchased a home with a non-romantic partner, and more would consider it.