Mortgage Rates Drop Below 7%, Boosting Home Sales and Refinancing
TL;DR Summary
The average 30-year fixed mortgage rate fell below 7% for the first time since early April, now at 6.94%. Despite this dip, homebuyers remain hesitant due to high home prices and low inventory, leading to a 1% drop in purchase mortgage applications this week. Existing home sales also declined by 1.9% in April, with inventory levels still below balanced market conditions.
- Mortgage rates dip below 7% for the first time in over a month Yahoo Finance
- Long-term mortgage rates ease for third straight week, dipping to just below 7% The Associated Press
- Mortgages are below 7% — here’s how much the payment is now on a $400,000 house MarketWatch
- Weekly mortgage refinance demand revives as interest rates fall to 7-week low CNBC
- As Mortgage Rates Fall, the Number of Homes for Sale Reaches a 4-Year High SFGATE
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