Mortgage rates dip below 7% for the first time in over a month

The average 30-year fixed mortgage rate fell below 7% for the first time since early April, hitting 6.94% from 7.02% a week prior,A separate measure tracking daily rate movement fluctuated between 7% and 7.20% over the last seven days, settling at 7.17% on Thursday,

"It's very hard to have incredible volume when the rates are high and the inventory is relatively low to historic measures," Corey Burr, founder of The Burr Group, a real estate agency in Washington DC, told Yahoo Finance., buyers are hesitant to enter the market even after this week's rate dip. According to the Mortgage Bankers Association , the volume of purchase mortgage applications fell by 1% this week from last.

At the current average rate, a homebuyer would pay almost $1,600 monthly on a $300,000 home with a 20% down payment, according to theBlame low inventory. Total housing inventory at the end of April was 1.21 million units, according to the NAR. Despite increasing by 9% monthly and 16% annually, supply stands at just 3.5 months. A six-month supply is considered a balanced market. By comparison, pre-COVID months had around 1.9 million homes for sale.

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