The average rate on a 30-year mortgage dipped to just below 7% this week, little relief for prospective homebuyers already facing the challenges of rising housing prices and a relatively limited inventory of homes on the market.

The rate fell to 6.99% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.71%.

The Fed, which is scheduled to hold its next policy meeting next week, has maintained it doesn’t plan to cut interest rates until it has greater confidence that price increases are slowing sustainably to its 2% target. Until then, mortgage rates are unlikely to ease significantly, economists say.

“Overall, we anticipate inflation will continue to slow and will allow mortgage rates to decrease to around 6.5% by the end of 2024, early 2025,” said Ralph McLaughlin, senior economist at Realtor.com.

More than 1.2 million rechargeable lights are under recall in the U.S. and Canada following a report of one consumer death.

According to a Thursday notice from the U.S. Consumer Product Safety Commission, Good Earth Lighting’s now-recalled integrated light bars have batteries that can overheat — and cause the unit to catch on fire. That can pose serious burn and smoke-inhalation risks.

The lithium-ion battery-powered lights are intended be alternatives to permanent fixtures in places where wiring may be difficult, such as closets, staircases and cupboards. The products impacted by the recall can be identified by their model numbers: RE1122, RE1145, RE1362 and RE1250.