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Mortgage rates have stabilized and more inventory is coming online, but applications for purchase loans fell by a seasonally adjusted 6 percent last week compared to the week before.

Home price growth slowed to the lowest level in two years in May. However, market pressures, primarily from elevated mortgage rates, mean buyers are still struggling to afford homes.

Despite ample inventory and more affordable prices, seasonally adjusted new residential sales dropped 6.6 percent annually. Experts attributed the drop to mortgage rates as the primary cause.