The average interest rate on a 30-year, fixed-rate mortgage fell to 6.47% this week, significantly lower than previous years. Refinancing activity surged, yet buying a home remains difficult.
Interest rates are much higher than in 2020 and 2021, dissuading homeowners from moving. The large disparity between current and previous rates impacts decision-making for many.
Despite lower rates, new mortgage applications from potential homebuyers have not significantly increased. The housing market remains challenging, with cautious buyers observing rate changes.
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