Mortgage Rates Continue Gradual Decline But Remain High

• Mortgage rates dropped for the second week in a row, falling nearly a quarter percentage point in the past two weeks • Rates remain high compared to last year and are not expected to see a major drop in the coming months • Over the past 4 months, rates have come down from their highest levels of 2022, improving affordability • The Fed's rate hikes to curb inflation have brought rates down but further cuts aren't expected soon • Some inventory is coming onto the market but rising prices could erase savings from lower rates for buyers