"The 30-year fixed-rate mortgage moved down this week, but not by much," said Sam Khater, Freddie Mac's chief economist. "Potential home buyers are waiting on the sidelines, causing demand to be lackluster. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied."
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance, rose this week, climbing to 6.1 percent from 6.02 percent last week, reflecting a challenging climate for refinancing.
U.S. home sales are on track for their worst year since 1995, with elevated mortgage rates and rising home prices keeping homeownership out of reach for many.
The average rate on a 30-year mortgage eased this week to 6.81 percent from 6.84 percent last week. However, it remains almost 0.4 percent lower than a year ago.
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