Mortgage Rates Hold Steady as Housing Market Adjusts

Fixed-rate mortgages show little movement while existing home sales decline and inventory rises.

The average 30-year fixed mortgage rate is currently 6.78%, nearly unchanged from last week.
Sales of existing homes dropped by 5.4% in June, reflecting buyer hesitation amid high rates.
Inventory of unsold homes increased by 3.1%, signaling a shift towards a buyer's market.
The Federal Reserve is expected to maintain its current rate, influencing future mortgage trends.
Experts predict mortgage rates may decrease later in 2024 if inflation continues to cool.