Mortgage Rates Continue 9-Week Decline to Lowest Levels Since May, Though Still High Historically

• Average long-term U.S. mortgage rates dipped for the 9th straight week to 6.61%, the lowest level since May

• Rates on 15-year fixed mortgages also edged down to 5.93%

• Declines have tracked falling 10-year Treasury yields as inflation cools and Fed keeps rates steady

• Higher rates over last year have pushed up borrowing costs, reduced homebuyer affordability

• Sales of previously occupied U.S. homes down 19.3% in 2022 as higher rates deter would-be buyers