Mortgage Rates Dip Slightly But Housing Market Struggles Continue

• Mortgage rates fell for the second week in a row, but economists don't expect significant declines in the near future • The average 30-year fixed rate dropped to 6.74% this week from 6.88% last week • The average 15-year fixed rate also fell to 6.16% from 6.22% last week
• Demand remains well below last year despite the drops in rates, as housing affordability weighs on the market • With no relief in sight for rates or home prices, the housing affordability crisis appears set in for now