Mortgage rates decrease for first time since March

Mortgage rates eased after a five-week climb, with the 30-year fixed rate dropping to 7.09 percent from last week's 7.22 percent and significantly higher than the 6.35 percent a year ago. Similarly, the 15-year fixed rate fell to 6.38 percent from 6.47 percent last week, compared to 5.75 percent a year ago. Freddie Mac's Chief Economist Sam Khater noted that rates hovering above seven percent impact both sellers and buyers, exacerbating supply shortages and affordability challenges.