Mortgage Rates Dip Below 7% Amid Slowing Economy

Mortgage rates have remained above 7% since early April, causing a significant drop in home purchase applications and sales. High home prices and the lack of anticipated rate cuts by the Federal Reserve have kept the housing market frozen, with many potential buyers opting to rent instead. The Fed is relying on these higher rates to help curb inflation, but the real estate market continues to struggle with affordability issues.