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Lower Mortgage Rates Continue to Fail to Attract Potential Homebuyers

Homebuyers continue to be hesitant to enter the market despite a drop in mortgage rates, as reported by the Mortgage Brokers Association. Despite rates being slightly more favorable, applications for mortgages decreased by 0.6% for the week ending March 29, marking three consecutive weeks of decline.

Joel Kan, MBA vice president and deputy chief economist, attributed this decline in mortgage applications to persistently high mortgage rates that continued to dampen home buying activity. The average 30-year fixed-rate mortgage had fallen to 6.91%, while the 15-year fixed-rate mortgage dropped to 6.35%, the lowest it had been in two months.

Despite these efforts to lower mortgage rates, homebuyers remain cautious in entering the market. This decrease in demand for mortgages follows recent data that indicated a rise in pending home sales in February, suggesting that the stagnant housing market might be starting to show signs of improvement. However, other factors beyond rates may be at play in influencing their decisions.

By Samantha Jones

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