U.S. 30-year mortgage rate slips to 6.47%, a more-than-month low

The average rate on a benchmark 30-year fixed mortgage fell to 6.47%, the lowest level in more than a month, according to Freddie Mac data. The U.S. and Iran signed a temporary ceasefire framework that calls for an immediate halt to hostilities, the reopening of the Strait of Hormuz and limits on Iran’s uranium enrichment. The Federal Reserve kept rates unchanged, and new Chair Kevin Warsh signaled a renewed emphasis on price stability, leaving markets expecting long-term rates to remain slow to fall in the near term. The shift lifted sentiment toward housing-related stocks, but borrowing costs remain high and have not reversed the deterioration in affordability.