"Fluctuating Mortgage Rates Impact Homebuyer Confidence"

Mortgage rates inched up this week, with the 30-year fixed rate averaging 6.64%, while homebuyer sentiment remains pessimistic, leading to a stalled housing market. Consumers are holding off on making moves until rates decrease, with a record-high 36% of respondents expecting rates to come down in the next 12 months. The Mortgage Bankers Association reported a 1% decrease in mortgage applications for home purchases, attributing it to high mortgage rates limiting housing supply.