Mortgage rates fluctuate amidst market uncertainty.

Mortgage rates have dropped to 6.71% for a 30-year fixed-rate mortgage, down from last week's 6.79%, but still above last year's average of 5.23%, according to Freddie Mac. However, a lack of housing supply and tight credit availability are creating affordability issues for buyers. The Federal Reserve meets next week to discuss interest rates, with additional rate hikes on the table for the second half of 2023. The Mortgage Bankers Association's Mortgage Credit Availability Index has dropped to the lowest level in a decade, indicating tightening lending standards.