Mortgage rates dip for first time since January

McLEAN, Va. (AP) — Mortgage rates fell for the first time in more than two months as buyers continue to be stifled by high prices and limited supply. Mortgage buyer Freddie Mac reported Thursday that the benchmark 30-year loan rate dipped to 3.13% this week from 3.18% last week. At this time last year, it was 3.33%. The rate for a 15-year loan, popular among those looking to refinance, fell to 2.42% from 2.45% last week. Economists expect home loan rates to remain low as the Federal Reserve intends to keep its main borrowing rate near zero until the economy recovers from the pandemic.