U.S. mortgage rates edged lower for a second straight week, offering a modest reprieve to would-be homebuyers after months of elevated borrowing costs. The average rate on a 30-year fixed mortgage fell to 6.75%, according to the latest Reuters report, a shift that could improve affordability for some borrowers.

The decline comes as markets watch signs that inflation is cooling, which has helped push borrowing costs down from recent highs. Even so, mortgage rates remain well above the levels many buyers saw in the years before the recent surge, leaving affordability challenges in place across much of the housing market.

For prospective buyers, the drop may slightly improve monthly payments and expand options in a market still constrained by high home prices and limited supply. Industry watchers say sustained relief will likely depend on whether inflation continues to ease and broader financial conditions remain stable.

While the move is encouraging, analysts caution that one or two weeks of declines do not signal a full recovery for housing affordability. Buyers, sellers, and lenders are still navigating a market shaped by higher rates, tighter budgets, and uneven demand.