Mortgage Rates Inch Up after 9 Weeks of Declines but Remain Well Below Fall Peak
• Mortgage rates ticked up slightly this week after 9 straight weeks of declines, to 6.62% for a 30-year fixed rate
• Rates are still over a percentage point lower than their October peak of 7.79%, the highest since 2000
• The drop has been driven by expectations that the Fed will cut rates in 2024 as inflation pressures ease
• Lower rates help affordability but buyers still face low inventory and high, rising home prices
• The average mortgage rate is based on a survey of applications from borrowers with 20% down payment and excellent credit