Buyers hesitant despite dropping mortgage rates

Mortgage rates have dropped for the fifth consecutive week, providing some relief for buyers during a slow season. However, many buyers are still hesitant due to high rates and financial uncertainty. The low supply of existing homes and elevated prices are also impacting activity in the housing market. Homebuilder confidence has fallen, and buyers are postponing their purchase plans. The majority of buyers prefer to wait, despite potential concessions and the possibility of refinancing in the future. The Federal Reserve's next moves on inflation will determine if rates continue to drop.