Mortgage rates drop for the third straight week, but homebuyers are still leaving the market

Mortgage rates declined for the third consecutive week but remained above 7%, according to Bloomberg. CNBC reported that mortgage demand from homebuyers continued to decline during the same period. Both outlets attributed the continued weakness in purchase activity to affordability challenges stemming from high home prices and elevated borrowing costs.

• Bloomberg — US Mortgage Rates Retreat for Third Week While Holding Above 7%
• CNBC — Mortgage rates drop for the third straight week, but homebuyers are still leaving the market

Next story