Source: The Hill —
Mortgage rates dipped slightly last week for the first time in more than two months amid the Federal Reserve’s ongoing fight with inflation, according to data released Wednesday by the Mortgage Bankers Association (MBA).
The MBA’s weekly survey shows the 30-year fixed-rate mortgage rate falling to 7.06 percent, down from 7.16 a week earlier, and applications decreasing for the sixth straight week. Rates, however, remained near the highest level in two decades.
The share of adjustable-rate mortgages, which rose recently as mortgage rates surged, declined from the previous week to 11.8 percent of total applications.
Despite the small drop in the 30-year fixed rate, mortgage rates are significantly higher than last year and continue to challenge buyers and the housing market overall.
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