Mortgage rates decreased for the second consecutive week. However, the 30-year fixed-rate mortgage still hovers just above 7%. Yahoo Finance's Rebecca Chen joins Wealth! to explain what this could mean for buyers. Even though rates have been falling for two weeks straight, the number of applications on the market has remained largely unchanged, signaling a continuing affordability crisis facing homebuyers, Chen says.
Mortgage rates have been historically hard to predict, yet many believe that rates could fall to the 6 to 7% range following new inflation data showing moderation. If the Federal Reserve cuts interest rates this year, house prices could still remain high due to an inventory shortage, Chen notes.
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