"Expert Insights: Navigating Fluctuating Mortgage Rates in Today's Market"

Mortgage rates have risen slightly, with the average rate on a 30-year fixed mortgage reaching 6.82%, while demand continues to decline, leading to a three-week drop in mortgage applications. The housing market remains stalled due to persistently high rates and record-high home prices, leaving many potential buyers priced out of the market and causing sellers to be unwilling or unable to move. Despite some improvement in inventory, experts do not anticipate a significant decrease in rates in the near future.