"Continued Decline: Mortgage Rates Drop for Fourth Week, Hovering Above 7%"

Mortgage rates in the US fell for the fourth consecutive week, dropping to an average of 7.29% for a 30-year fixed-rate mortgage. However, rates remain above 7%, and potential homebuyers are still waiting for lower rates and more inventory. Existing home sales have fallen to a thirteen-year low, reflecting the reluctance of buyers. Despite the recent decline, the cost of borrowing remains high, and it is uncertain whether the lower rates will attract more buyers to the market.