US mortgage rates fall slightly, MBA reports

The average interest rate for a 30-year fixed-rate mortgage in the U.S. has decreased to 6.51%, marking the first reduction since early March. Despite this slight dip, the housing market remains subdued. High borrowing costs combined with elevated home prices continue to deter many potential buyers, preventing a significant rebound in activity. The Federal Reserve's monetary policy and broader economic conditions are closely watched for potential future impacts on mortgage rates and housing demand.