Mortgage rates have dropped to their lowest in over a year and a half, with the average 30-year fixed mortgage rate falling to 6.20% from 6.35% two weeks ago, according to Freddie Mac.

Despite this decline, high home prices and low inventory are keeping many potential buyers and sellers out of the market.

The average rate on a 15-year fixed mortgage also decreased to 5.27%, Fox Business has reported.

Sam Khater, Freddie Mac’s chief economist, noted that rates are down more than half a percent in the last six weeks, yet many are waiting to see if rates will fall further.

Written by B.C. Begley