Mortgage rates ease for a second week as inflation cools

Mortgage rates fell for a second straight week, offering a modest lift to potential homebuyers and homeowners considering a refinance. The average rate on a 30-year fixed mortgage slipped to 6.77% this week from 6.82% the previous week, according to CNBC.

The decline comes as recent inflation readings have strengthened expectations that the Federal Reserve could be moving closer to an interest-rate cut. Borrowing costs are still high by long-term standards, but even a small drop can improve monthly affordability and ease some pressure on the housing market.

For buyers, the change may trim monthly payments slightly, though expensive home prices and thin inventory remain major hurdles. For homeowners, refinancing could become more appealing if rates continue to edge lower.

Market attention will now turn to upcoming inflation data and Federal Reserve guidance to see whether this week’s move signals a broader easing trend or only a temporary shift.