ChainCatcher report: Freddie Mac stated that the average U.S. 30-year fixed mortgage rate declined from 6.69% a week ago to 6.67%, ending five consecutive weeks of increases. The U.S. labor market showed signs of cooling, with July price gains slowing and key inflation indicators falling to their lowest level in five years. Market expectations for a 25-basis-point rate hike in September have dropped to 38%. Stalled negotiations in the Strait of Hormuz have raised concerns about elevated oil prices, while U.S. home sales in July fell 4.1% compared to June.
U.S. 30-Year Mortgage Rates Fall for the First Time in Six Weeks
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Summary
U.S. interest rates experienced a slight decline as the 30-year fixed mortgage rate fell to 6.67% from 6.69% last week, marking the first decrease in six weeks. This easing trend follows a cooling job market and slower July inflation, which reached a five-year low. Funding rates are now expected to rise by 25 basis points in September with a 38% probability. Meanwhile, stalled negotiations over the Strait of Hormuz and a 4.1% drop in July home sales have increased market uncertainty.
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