Mortgage rates fluctuate amidst Fed optimism and rate hikes.

The average long-term US mortgage rate fell to 6.39% this week from 6.43% a week ago, according to Freddie Mac. The drop in mortgage rates is welcome news for prospective homebuyers, many of whom have been pushed to the sidelines during the past year as the Federal Reserve cranked up its main borrowing rate in a bid to tamp down persistent, four-decade-high inflation. However, the lack of inventory remains a primary obstacle to affordability in the housing market.