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reddie Mac reported that the average rate on a 30-year fixed mortgage fell to 6.76% in its latest Primary Mortgage Market Survey, marking the sixth consecutive week of decline and the lowest level in over two months. This drop is attributed to a combination of factors, including modestly improving inventory and decreasing mortgage rates.

    According to Freddie Mac's data, the average rate on a 15-year fixed mortgage also decreased to 5.94% from last week's reading of 6.04%. One year ago, the rate on this type of loan averaged 6.26%.

    The National Association of Realtors (NAR) reported that pending home sales fell to a record low in January due to high mortgage rates and elevated home prices. This resulted in a 5.2% decrease in pending home sales compared to the same period last year.

    "It is unclear if the coldest January in 25 years contributed to fewer buyers in the market," said NAR chief economist Lawrence Yun, "However, it's evident that elevated home prices and higher mortgages strained affordability."