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This week brought a slight reprieve for prospective homebuyers as mortgage rates dipped again, but the relief may be too little, too late. Surveys showed that the rate for a 30-year fixed mortgage dropped to 6.35%, down from 6.46% last week. However, this marginal decrease isn’t enough to shake the housing market out of its current slump.

A year ago, the average rate stood at 7.18%, yet despite the recent decline, affordability remains a significant barrier. The high cost of borrowing continues to deter potential buyers, leaving the housing market stagnant. As the affordability crisis persists, it’s clear that even with lower rates, the market isn’t likely to see a surge in activity anytime soon.