Demand for Mortgages Dropping, Takes Interest Rates With It
Housing inventory (the pool of homes that are for sale or available for purchase) rose 29% from this time last year. Conversely, while housing inventory rose, the rates for 30-year fixed mortgages fell to 5.4%, a drop from the 5.8% seen two weeks ago.
The lower rate is a breath of fresh air for homebuyers, but it’s still a far cry from the historical lows of last July.
Learn More at CBSnews.com: “Demand for Mortgages is Dropping, and So Are Interest Rates.”