Mortgage rates have dipped below 7% — providing home buyers some much-needed relief

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The 30-year fixed mortgage rate fell to 6.94% last week, the first drop below 7% since March. Mortgage applications rose this week to their highest level since March, showing increased demand. For mortgage rates to keep falling, inflation will likely have to cool further. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement One key part of buying a home became a bit more affordable last week, and some Americans decided to take advantage. The 30-year fixed mortgage rate fell from 7.02% to 6.94% in the week ending June 14, according to a Bloomberg report that cited Mortgage Bankers Association data released on June 19. This was the first time the 30-year fixed mortgage had fallen below 7% since March.