Mortgage Rates Decline as Inflation Slows and Fed Rate Cuts Anticipated

Lower mortgage rates bring optimism for homebuyers as inflation cools and Federal Reserve hints at potential rate cuts.

Average 30-year fixed mortgage rates drop below 7% for both purchase and refinance options.
15-year fixed mortgage rates also see a significant decrease, improving affordability for buyers.
Experts predict continued easing of mortgage rates throughout 2024 if inflation remains under control.
Federal Reserve maintains a cautious stance on rate cuts, with the next policy meeting scheduled for late July.
Increased housing inventory and price cuts provide additional opportunities for prospective buyers.