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More than two-thirds (68%) of shoppers were surprised by what they could actually afford for their first home.
Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to loom.
Freddie Mac's weekly report found that the 30-year fixed-rate mortgage averaged 5.7%, down from last week's 5.8%.
Inventory recovery made major strides with the number of homes available to buyers climbing at its fastest annual pace of all time.
National rents grew at a double-digit annual pace for the 10th straight month in May, but by the smallest amount since fall 2021 – hinting at potential relief to come later this year.
Loan officers are starting to loosen their lending standards — albeit a little — to keep their pipelines nice and fat.
