"Homebuying Demand Declines Despite Lower Mortgage Rates: Freddie Mac"

Mortgage rates have continued to decline, with the average 30-year fixed-rate mortgage dropping to 7.03%. However, buyer enthusiasm has waned due to a lack of affordable inventory in the housing market. Freddie Mac predicts that rates will need to drop further to consistently reinvigorate demand. The Federal Reserve's monetary policy and inflation rates will play a role in determining future mortgage rates. Despite the decrease in rates, a record 86% of Americans believe it is currently a bad time to buy a home due to high prices and mortgage rates.