"2024 Mortgage Rates: Slight Dip Amidst Federal Reserve's Interest-Rate Moves"

Mortgage rates for the benchmark 30-year fixed mortgage decreased slightly to 6.63%, but demand in the housing market remains stalled, with the Mortgage Bankers Association reporting a decline in purchase applications due to low inventory and rising home prices. While there have been some increases in pending home sales and new listings, overall market activity is down roughly 18% from a year ago, and a more substantial improvement in mortgage rates is needed to attract more sellers to the market and alleviate the affordability crisis.