Mortgage Rates See First Dip Since May - Good News for Spring Homebuyers
• Average 30-year mortgage rate fell to 6.6%, lowest since May 2022
• Decline follows 2 weeks of increases, brings average rate to lowest since late May
• Falling rates encourage first-time homebuyers sensitive to affordability changes
• Rates still much higher than 2 years ago (3.56%), limiting inventory as fewer sell
• If rates keep falling as expected, should boost demand for spring 2023 homebuying season