US Mortgage Rates Fall Slightly to 6.48%, Freddie Mac Reports

US mortgage rates fell slightly in the latest week as sellers struggle to find buyers willing to meet their asking prices.

The average rate for 30-year fixed loans decreased to 6.48% from 6.53%, Freddie Mac reported Thursday. A year ago at this time, the rate was 6.85%.

The peak selling season is facing pressure from high borrowing costs as economic uncertainty tied to the war in Iran pushes up inflation expectations and keeps home-lending rates elevated. Inventory is growing faster than demand, leaving many sellers across the country struggling to attract offers.

In April, 5.8% of all US home listings were ...