Mortgage rates fall for 1st time in 9 weeks

(CNN)– The average 30-year rate fell from 7.4% to 7.32%.

That may not sound like much, but it’s the first drop after 2 months of increases.

It’s also the largest single-week drop in more than 6 months.

The decrease was fueled by easing in the ten-year treasury yield, since mortgages closely track that benchmark.

Most analysts believe the housing market is unlikely to pick up meaningful steam until rates fall below 7%.