Mortgage rates may continue to gradually decline in July on falling inflation. But even if rates fall, it doesn’t mean homes will become affordable for everyone.
NEW YORK – Mortgage rates are poised to edge lower in July as inflation cools.
We’re not talking about a steep rate decline. Picture a gentle slope, like the uneven floor of a 150-year-old house, where a dropped marble rolls, but slowly.
It appears that mortgage rates peaked for the year in May. We won’t know for sure until the end of December, but the trend has been downward. The 30-year fixed-rate mortgage averaged 7.22% in the first week of May, according to Freddie Mac’s weekly survey. It fell to 6.86% in the last week of June.