Mortgage rates fluctuate, presenting challenges for homebuyers.

Mortgage rates for 30-year fixed rate mortgage fell slightly to 6.39% from 6.43% the week prior, but homebuyers are still facing challenges due to a shortage of for-sale homes boosting prices, fueling concerns of whether now is a good time to buy. Homeowners remain hesitant to sell, worsening inventory woes. The volume of mortgage purchase applications fell 2% last week, the first decline in three weeks, and demand was 32% lower than the same week one year ago. New listings of homes for sale slid 22.4% in the U.S. from the previous year during the four weeks ending April 23, and the number of newly listed homes for sale had fallen 21.3% nationwide in April and in 49 of the 50 largest markets compared with a year ago.