U.S. homebuyers stay cautious as mortgage applications drop, despite a slight fall in rates.

Mortgage applications to purchase a home in the U.S. fell 4% last week, signaling a weak start to the spring housing market. Despite a slight drop in mortgage rates to 6.97%, home prices continue to rise, deterring potential buyers. Refinance applications increased by 12%, benefiting from lower rates. The supply of homes for sale has risen 25% compared to last year, yet home sales are at a near-30-year low, with homes taking an average of 54 days to sell.

1 month ago
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