The average rate on a 30-year U.S. mortgage ticked down to 6.72% this week, returning to its level from three weeks ago and offering only modest relief to buyers squeezed by record prices and high borrowing costs, Freddie Mac said. The 15-year fixed rate also eased to 5.85%.
What Happened: The slight dip follows the Federal Reserve's decision to hold its benchmark rate steady this week, but housing economists caution the move is unlikely to flip the market from slump to surge. Many forecasters still expect the 30-year average to remain above 6% through year-end.
