Demand for mortgages is dropping and so are interest rates
CBSN
House hunters are seeing a bright spot in the market this month, as mortgage rates have dropped slightly and the amount of homes available for purchase has increased.
Housing inventory, the industry's term for the number of homes for sale, grew 29% compared to a year ago, according to data from Realtor.com. Meanwhile, the average rate for a 30-year fixed mortgage fell to 5.3% this week, according to Freddie Mac, from 5.8% two weeks ago.
The rate drop is positive news for homebuyers, but it's still a far cry from the below 3% figures buyers saw last July, said Realtor.com chief economist Danielle Hale.
Authorities made two gruesome discoveries Tuesday after a Missouri woman walked into a police station and told officers that she fatally shot one of her children and drowned the other, officials said. Jefferson County Sheriff Dave Marshak said at a news conference that authorities believe both children were killed Tuesday morning.
Strong storms with damaging winds and baseball-sized hail pummeled Texas on Tuesday, leaving more than one million businesses and homes without power as much of the U.S. recovered from severe weather, including tornadoes, that killed at least 24 people in seven states during the Memorial Day holiday weekend.