Mortgage rates have slightly decreased, but the market remains cold. High oil prices and inflation expectations have directly suppressed buyer confidence, making it really difficult for sellers now.

CoinWorld News reports that last week, U.S. mortgage rates edged down slightly because sellers had difficulty finding buyers willing to accept their offers. According to Freddie Mac data, the average rate for a 30-year fixed loan fell from 6.53% to 6.48%. In the same period a year earlier, the rate was 6.85%. With economic uncertainty sparked by the Iran war pushing up inflation expectations and keeping housing mortgage rates elevated, the peak home-sales season is facing pressure from high borrowing costs. As inventory grew faster than demand, many sellers across the country found it difficult to attract buyers’ bids. Redfin real estate agent Patricia Ammann said that the momentum of home prices rising is no longer as strong as it was five years ago, as high gasoline prices and rising cost of living have made potential buyers less willing to drive home prices higher.