The 30-year fixed-rate mortgage increased to 6.81% APR, up five basis points, impacting buyer affordability and purchase decisions.
Pending home sales were down 2.1% in May, with varying regional impacts; NAR Chief Economist anticipates sales to rise as mortgage rates decrease.
Home affordability is a concern; Zillow's report shows median-income households need $127,750 down payment to afford a home comfortably, reflecting challenges for buyers.
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