Mortgage Rates Fluctuate in Response to Market Changes

Mortgage rates have fallen for the third week in a row, hitting 6.67% for the average 30-year fixed-rate mortgage, while median home prices have declined by 0.9% from what they were a year earlier, according to Realtor.com. The decline in median home prices can be partly chalked up to sellers reducing asking prices on stale properties. However, new listings continue to dwindle, with fewer homes hitting the market than at the same time last year. Despite the lack of new listings for buyers to peruse, active inventory grew by 5% annually for the week ending June 17.