US Mortgage Rates Edge Lower for First Time in Six Weeks

Mortgage rates in the US have edged lower for the first time in six weeks, according to Freddie Mac. The average rate for a 30-year fixed loan declined to 6.67% from 6.69% just one week earlier.

This marks the end of five consecutive weeks of increases in mortgage rates. Despite this slight decrease, rates remain at their highest level in over a year.

The latest economic data suggests that inflation has been minimally affected by the ongoing war in Iran. Price increases slowed down for a second straight month in July, with energy costs and groceries declining from the previous month.

This, combined with weaker hiring numbers than previously reported and unexpected job cuts, is taking some pressure off Federal Reserve officials to raise interest rates in coming months.