US 30-Year Mortgage Rate Drops to 6.81%

US mortgage rates have shown slight fluctuations recently, with the average 30-year fixed rate backed by Freddie Mac dipping to 6.81% after reaching a two-month high of 6.83%. This relative stability in rates is beneficial for both buyers and sellers, especially during the peak homebuying season. Increased resale listings are giving buyers more options and leverage, as sellers become more flexible in negotiations. However, when rates briefly spiked to 6.90%, mortgage application volume dropped sharply, particularly for refinances, which fell by 20% in a week. Despite these short-term declines, purchase applications remain higher than they were a year ago, indicating underlying buyer interest. Economic uncertainty and rate volatility continue to influence both refinance and purchase activities.