30-year mortgage rate dips to 7.32%, first drop in 8 weeks

Freddie Mac's weekly survey shows the average 30-year fixed rate fell to 7.32% from 7.40%, ending a seven-week run of increases. The 15-year fixed rate slipped to 6.68% from 6.71%. A year ago, the two averaged 6.19% and 5.44%.

Why it matters: Mortgage rates track the 10-year Treasury yield, which eased this week. Even after the dip, rates sit more than a full point above last year's level, so monthly payments on a new loan remain well above what buyers faced a year ago.