US mortgage rates fall for the first time in nine weeks, to 7.32%

Bloomberg, citing Freddie Mac, reports the average 30-year fixed mortgage rate fell from 7.4% to 7.32%, its first decline in nine weeks. Bloomberg says sellers face the slowest US housing market in at least 25 years. The Economist argues that America’s mortgage system is largely responsible for the frozen market and says mortgage lock-in prevents nearly 1 million property sales a year.