"Homeowners Seize Opportunity: Refinance Applications Surge Amid Mortgage Rate Decline"

Mortgage rates have decreased for the second consecutive week, with the average rate on the 30-year fixed mortgage dropping to 6.74%. However, economists do not anticipate significant declines in the near future due to persistent inflationary pressures. Low inventory continues to drive up home prices, impacting housing affordability and leading to decreased demand compared to the previous year. Despite the drop in rates boosting home-purchase applications, the housing affordability crisis appears to be entrenched, leaving potential home buyers with difficult choices.