30-Year Mortgage Rates See Modest Decrease Across Multiple Lenders

After a brief rise, 30-year mortgage rates have declined slightly, offering a small reprieve to potential homebuyers.

30-year fixed mortgage rates dropped to 7.25%, marking the lowest level since late April.
Freddie Mac reports a weekly average of 7.22% for 30-year mortgages, a slight increase from the previous week.
Mortgage rates remain elevated compared to earlier this year, influenced by ongoing economic factors and Federal Reserve policies.
The Fed maintains its rate at a 23-year high, with no immediate plans for reduction, keeping mortgage rates high.
Potential homebuyers are advised to compare rates and consider timing as the market remains volatile.