According to a statement by Freddie Mac yesterday, the average rate for a 30-year fixed loan was 6.39%, down from 6.43% last week.
Rates have eased from the highs reached late last year, giving determined home shoppers a little more purchasing power. But with prices still elevated, and listings in short supply, affordability is stretched. Many would-be buyers are also worried about a potential recession. Given those factors, deals remain subdued in what’s traditionally the market’s busiest season.
“Interested homebuyers are acclimating to the current rate environment, but the lack of inventory remains a primary obstacle to affordability,” Sam Khater, Freddie Mac’s chief economist.