As the spring homebuying season blooms, mortgage rates offer some reprieve, dipping below the 7% mark for the first time in over a month. While this downward trend may provide a glimmer of hope for prospective homebuyers, the housing market continues to grapple with a severe supply crunch.

Yahoo Finance's Julie Hyman breaks down the details.

For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend.

This post was written by Angel Smith