Mortgage rates dipped again to 6.84% after the latest inflation report indicated a smaller-than-expected rise in consumer prices. This marks the second consecutive week of lower rates, encouraging homebuyer sentiment, as steady rates, increased inventory, and modest price growth create a more favorable market. The consumer price index showed a 2.4% annual increase, defying predictions, while modest job gains support a stable labor market. The Fannie Mae Home Purchase Sentiment Index also indicated improved confidence among potential buyers, suggesting a more active summer housing market ahead.
Mortgage rates have moved within a narrow range for the past few months and this week is no different,” says Sam Khater, Freddie Mac's chief economist. “Rate stability, improving inventory and slower house price growth are an encouraging combination as we celebrate National Homeownership Month.
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