Mortgage rates ease, leaving average rate on a $30-$year home loan at $6\mathrm{.}8\%($AP$-$September $13.$

Mortgage rates for homes eased again this week. Rates on a $30-$year home loan fell to $6\mathrm{.}6\%$ from

the $7\%$ rate offered being offered this past Spring. On the supply side, home loan rates are influenced by

several factors, including how the bond market reacts to the Federal Reserve's interest rate policy and

the moves in the $10-$year Treasury yield, which lenders use as a guide to pricing home loans. With bond

market yields dropping in recent weeks, more funds are available for mortgage loans. Elevated

mortgage rates have dampened dernand for new mortgages and home sales this spring homebuying

season. Sales of homes fell in March and April as home shoppers contended with rising borrowing costs

and prices. But the recent pullback in mortgage rates has reversed that trend and spurred a pickup in

home ioan applications, which jumped nearly $16\%$ last week from April. According to the Martgage

Bankers Association. "A further decline in mortgage rates, coupled with reports of nising inventory levels

in markets across the country, is good news for prospective homebuyers this summer," said MBA CEO

Bob Broeksmit.

Construct a market for mortgage loans as of the Spring $2024$ denoting initial supply, demand and

quantity with subscript $"1".$ Set into the market the actual interest rate.

State precisely what q $1$ indicates.

Quote a $6-16$ word phrase from the article that speaks to a change in demand for mortgage loans.

Quote a $6-16$ word phrase from the article that speaks to the supply of mortgage loans.