The national average on the 30-year fixed-rate mortgage has dropped to 6.86% from 6.87%, marking a four-week decline and the lowest rates since April, according to a report from Freddie Mac. The housing market has been slow due to sellers holding onto favorable rates and buyers facing affordability challenges. However, the Mortgage Bankers Association predicts that rates will continue to decrease throughout the year, potentially reaching around 6.5% by the end of 2024. This projected decline could significantly impact homebuyers, allowing them to qualify for larger loans or reduce monthly payments. With improving inflation data and expectations of Federal Reserve rate cuts, experts are optimistic about the future of mortgage rates and housing affordability. Financing demand remained steady last week, with mortgage application volume increasing slightly and refinancing activity staying the same.