Mortgage rates dip to 7.32%, Freddie Mac says

The average 30-year fixed mortgage rate fell to 7.32% in the week to Oct 22 from 7.40% a week earlier, Freddie Mac said. The 15-year fixed rate averaged 6.68%, down from 6.71%.

AP called the decline a sliver of relief for strained homebuyers.

Why it matters: The survey covers conventional home-purchase loans for borrowers with excellent credit and a 20% down payment, so many buyers will be quoted different rates.