Mortgage rates have dipped to their lowest point in seven weeks, offering a slight respite for prospective homebuyers facing persistent affordability challenges. This decrease is largely attributed to investor optimism surrounding a potential Federal Reserve rate cut in July. While this decline provides some relief, overall affordability remains a significant hurdle for many seeking to enter the housing market. The anticipation of a Fed rate cut is fueling hopes for further easing of borrowing costs in the coming months, potentially stimulating increased activity in the real estate sector.