Mortgage Rates Fell. The 6.5% Trap Didn’t.
U.S. 30-year mortgage rates dipped to 6.48% from 6.53%, but mortgage applications fell 2.5% for the third straight week, signaling buyers remain sidelined as affordability improves only marginally; median listing prices dropped 2.4% to $429,500, the steepest annual decline since 2017, while rising Treasury yields threaten to keep borrowing costs elevated.