The average US rate on a 30-year mortgage has fallen to 6.89%, marking its third straight weekly decline. This drop has brought mortgage rates close to the lowest level seen in recent times, although they still remain just shy of 7%. Despite the decrease, homebuyer demand continues to decline, raising concerns for the upcoming spring market. While the mortgage rates provide some relief and encourage refinancing activities, affordability remains a significant issue, keeping many potential homebuyers sidelined. Analysts suggest that rates could stabilize in the coming weeks, but uncertainty surrounding factors like tariffs adds complexity to the housing market outlook.