MarketWatch

Mortgage rates fell for the sixth week in a row, offering some financial relief to prospective home buyers.

Home buying has sagged under the weight of high interest rates over the last few years. In January, there was a 4.6% drop in the number of contracts signed to purchase homes compared to the previous month, according to the National Association of REALTORS®.

Pending home sales are now at an all-time low, the industry group said. It’s been tracking pending home-sales activity since 2001.

Home prices hit record highs last year while mortgage rates have remained elevated, shutting many would-be buyers out of the market.

People are still struggling to afford to buy homes, so “even a slight reduction in mortgage rates will likely ignite buyer interest, given rising incomes, increased jobs and more inventory choices,” Lawrence Yun, chief economist at the NAR, said in a statement.

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