Mortgage Rates Continue 9-Week Decline, Reaching Lowest Levels Since May

• Mortgage rates retreated for the 9th straight week, reaching lowest level since May

• Average 30-year mortgage rate dipped to 6.61% from 6.67% last week

• Borrowing costs on 15-year fixed mortgages also inched down this week

• Decline in rates tracked trajectory of 10-year Treasury yield, which lenders use to price loans

• Sharp runup in rates since early 2022 has pushed up borrowing costs, reducing what buyers can afford