Mortgage Rates Drop Slightly But Remain Near 20-Year High

Average 30-year fixed mortgage rate fell to 7.18% this week from 7.23% last week but remains well above last year's rates.
year fixed mortgage rates held steady at 6.55%, still significantly higher than 2021.
Rise in rates this year has shocked housing market and impacted affordability.
Fed rate hikes have pushed up mortgage rates, but future moves remain uncertain.
Adjustable mortgages and points may help some buyers access lower rates for now.