HomeReal EstateMortgage Rates Fall for Fourth Straight Week

Mortgage Rates Fall for Fourth Straight Week

U.S. mortgage rates declined for a fourth consecutive week, with the average rate on the 30-year fixed mortgage falling to 6.28% from 6.32% the week before, Freddie Mac reported.

Despite this decline, rates don’t seem to have fallen enough the convince homeowners to list their homes for sale, Jeff Tucker, a Zillow senior economist, observed.

“Affordability and availability of homes are the biggest hurdles for buyers in today’s market, though both are driven by mortgage rates,” Tucker commented. “Many homeowners just are not willing to give up their current house and low monthly payments to jump into a tight, expensive market.”

Data from the Mortgage Bankers Association (MBA) showed that the number of mortgage applications for home purchases for the week ending March 31 declined by 4% on a seasonally adjusted basis. Activity remains 35% lower than last year on an unseasonal basis.

According to Altos Research, only 410,000 single-family homes came on the market this week; down almost 1% from the previous week.

Chemical Giant DuPont Will Split in 3 Companies, Replace CEO Ed Breen

Chemical giant DuPont is heading towards some major changes. The company announced on Wednesday that it will be splitting into three separate companies while...

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...