U.S. Mortgage Rates Fall for the First Time in Six Weeks as Inflation Cools

U.S. mortgage rates have slightly declined for the first time in six weeks, with the average rate for a 30-year fixed mortgage dropping from 6.69% the previous week to 6.67%. Freddie Mac stated that this decrease ends a five-week streak of rising rates, although rates remain at their highest level in over a year. Recent data shows a cooling labor market, and the impact of the Iran war on last month's inflation was limited. The year-on-year increase in consumer prices in July slowed for the second consecutive month, with energy, gasoline, and food prices all falling from the previous month. Core inflation also remained steady at a five-year low reached in February. Coupled with the July employment report, the market believes that the U.S. economic conditions have eased the pressure on the Federal Reserve to raise interest rates in the coming months. According to the CME Group's FedWatch tool, investors expect the probability of a 25 basis point rate hike at the Fed's September meeting to drop from 48% the previous day to 38%.

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