Homebuyers gain little relief as mortgage rates drop 18 bps.

Mortgage rates have seen a sharp drop this week, as rates fell to 6.78%. This is the largest weekly drop since mid-March and presents some potential relief for homebuyers looking to purchase a new home.

Unfortunately, this drop in mortgage rates does not necessarily mean big improvements for homebuyers and sellers alike. This is because the current levels of inventory remain sufficiently depleted. This lack of supply of homes on the market has led to prices reaching near-record levels in some areas, meaning homebuyers are left with limited choices of where and how to purchase a new home.

Key Points:
• Mortgage rates dropped to 6.78%, the biggest weekly drop since mid-March
• Despite this drop, the current levels of inventory remain depleted
• Homebuyers are left with limited choices of where and how to purchase a new home due to prices reaching near-record levels in some areas

You can read this full article at: https://www.housingwire.com/articles/mortgage-rates-fell-18-bps-but-thats-of-little-solace-to-homebuyers/(subscription required)

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