Mixed Results: Mortgage Rates Fluctuate Despite Positive Economic Indicators.

Mortgage rates have fallen this week, with the average 30-year fixed-rate mortgage rate dropping to 6.69%. However, the more significant shift in real estate is the 0.9% decrease in median listing prices compared to the same week last year, which hasn't happened since 2017. This presents potential opportunities for homebuyers, especially considering the larger number of homes available compared to last year. While inventory is up 10% from 2022, homes continue to linger on the market, taking 13 more days to sell than last year. The cost of homeownership remains high, creating barriers to homeownership.