Mortgage Rates Dip Slightly But Main Hurdle Remains
U.S. 30-year fixed mortgage rates hit 6.53%, the highest in nine months, Freddie Mac reported. Daily trackers showed slight dips, but rates remain elevated, stalling spring home sales. Mortgage applications dropped 8.5% for the week ending May 22. New home sales fell 6.2% in April. Rising Treasury yields and oil-driven inflation keep rates high. Inventories and asking prices are up in some regions, but buyers still face affordability pressures.