The benchmark 30-year mortgage rate in the United States dropped for the third consecutive week, reaching its lowest level in six weeks. According to Freddie Mac, the average rate is now 6.32% compared to 6.42% the previous week, with a year-on-year rate increase of 4.67%. A shortage of homes remains an issue for prospective homebuyers, despite lower mortgage rates. Meanwhile, home prices seem to be stabilising, with the national median home price falling by 0.2% to $363,000, marking the first annual decline in 13 years, as per the National Association of Realtors.

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