Mortgage rates have been sitting near historic lows since the beginning of 2021, but in recent weeks, they've really come down. In spite of that, mortgage applications to purchase a new home hit their lowest level in over a year for the week ending June 23, according to the Mortgage Bankers Association. In June, housing inventory was up, and there were 1.25 million available homes for sale, representing a 2.6-month supply.
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