Mortgage Rates See First Dip in 5 Weeks as Homebuyers Respond to Slight Decrease

• Average 30-year mortgage rate edged down to 6.88% from 6.94% last week, first decrease in 5 weeks

• 15-year fixed rates also fell slightly to 6.22%

• Drop shows homebuyers still sensitive to rate changes, applications rose for first time in 6 weeks

• Fed Chair hinted rate cuts likely to come this year once more evidence of cooling inflation

• Despite fluctuations, rates still below 23-year high of 7.79% in October 2022