Mortgage rates are falling steadily after months of varied increases and short reprieves. But rates remain drastically higher than a year earlier, and buyers, especially those looking to buy their first home, could face lingering challenges, The Hill reported. The benchmark 30-year fixed mortgage rate cooled for the fourth straight week in the first week of March, sliding to 6.32 percent according to Freddie Mac. “Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers,” the agency said. Separate data from the Mortgage Bankers Association (MBA) also shows that despite falling rates, demand for new mortgages is weakening, especially on the entry level side of the market.
