The average 30-year mortgage rate in the U.S. slightly decreased to 6.95%, continuing to pose affordability challenges for homebuyers. Despite a nominal easing, rates remain just below 7%, with 15-year fixed-rate mortgages also declining slightly. Economists predict high rates will persist, impacting the housing market as home sales slump and inventory rises. Prospective buyers are increasingly sidelined due to elevated borrowing costs, as market volatility continues amid economic uncertainties.