Mortgage rates fluctuate, dip slightly after recent climb.

Mortgage rates have been volatile due to mixed economic signals and recent bank failures, but ticked down slightly this week after climbing for two weeks. The lack of inventory remains a primary obstacle to affordability for interested homebuyers. The Federal Reserve's recent quarter-point rate hike is unlikely to have a big impact on mortgage rates, as it was already factored in for most investors. The housing market is sluggish due to elevated mortgage rates and a low inventory of homes to buy, but new construction is seeing more activity. Mortgage applications decreased slightly last week, with refinance and purchase activity both remaining well below year-ago levels.