Mortgage Rates Fall for Third Week as Home Inventory Remains Low

US mortgage rates have declined over the past three weeks according to surveys, with the average 30-year fixed rate now 6.67 percent.
Low interest rates reduce borrowing costs for homebuyers by hundreds of dollars per month, but the scarce supply of homes for sale is discouraging potential sellers.
The lower mortgage rates provide some relief for homebuyers competing in a tight market with few available properties.
The Federal Reserve has signaled it may raise interest rates two more times this year to curb rising inflation, which could drive mortgage rates higher.
The higher mortgage rates of the past year have contributed to the low inventory of homes for sale by making some homeowners reluctant to sell.