US mortgage rates dip slightly but remain inflated

    U.S. mortgage rates declined this week, helping to ease affordability challenges for homebuyers, Bloomberg reports.

    The average for a 30-year, fixed loan was 6.79%, down from 6.87% last week, Freddie Mac said in a statement Thursday.

    Borrowing costs haven’t breached 7% since early December, but they’re still about double where they were in early 2022, before the Federal Reserve started aggressively raising its benchmark rate. The central bank has signaled its first rate reduction is likely to come this year, but the timing remains dependent on inflation and jobs data.

    Elevated mortgage rates along with rising prices have cut into purchasing power for house hunters, but more owners have been listing their properties for sale, offering hope that the market will eventually gain steady momentum.

    Read the full story. A subscription may be required.