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Mortgage rates are dropping — so why aren’t more people buying homes?

Home price appreciation is slowing. Consumer sentiment about the housing market is at a five-year high.

To cap it all off, mortgage rates have continually fallen throughout 2019 to date. Currently, the 30-year fixed-rate mortgage is averaging 3.82%, roughly a two-year low, according to Freddie Mac. So far this year, mortgage rates have only increased on a weekly basis six times.

Historically, that’s been a recipe for a home-buying frenzy. “We are in an extremely interest-rate-sensitive housing market,” said Daren Blomquist, vice president of market economics at Auction.com.

In the past, home buying activity has gone up when rates have gone down, and vice versa.

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