Mortgage rates dropped below 7% this week, but remain high enough to keep price-rattled homebuyers on the sidelines.
The rate on the average 30-year fixed mortgage fell to 6.95%, down from 7.08% the week prior, according to Freddie Mac. Still, rates are 3.73 percentage points higher since the start of the year, the largest year-to-date increase in over 50 years.
Sharply higher rates in combination with elevated home prices and still-high inflation have triggered a fight-or-flight response…
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