Small Dip in Inflation Sparks Optimism for Lower Mortgage Rates

April's slight decrease in inflation could signal a downward trend in mortgage rates, offering potential relief for homebuyers.

Inflation fell to 3.4% in April from 3.5% in March, marking a minor but significant change.
Mortgage rates on 30-year fixed loans have dropped to 7.00%, the lowest in five weeks.
Economists suggest continued cooling in inflation is necessary for further rate reductions.
The Federal Reserve's next meeting in June may provide more clarity on future rate cuts.
Homebuyers are advised to lock in rates now to avoid potential future increases.