US 30-Year Mortgage Rates Drop to 6.67%, Ending Five-Week Rise

Fannie Mae data shows US mortgage rates fell to 6.67%, halting a five-week uptrend amid cooling inflation and job market data, though home sales declined.

Woofun AI reports that Fannie Mae data indicates the average interest rate on 30-year fixed mortgage loans in the U.S. decreased from 6.69% to 6.67%, concluding a five-week period of consecutive increases.

This shift coincides with a cooling U.S. job market and slowing price gains in July, as core inflation indicators reached their lowest levels in five years. Consequently, the probability of a 25 basis point rate hike in September has fallen to 38%.

Meanwhile, U.S. home sales dropped by 4.1% in July compared to June, and concerns regarding high oil prices have emerged due to stalled negotiations in the Strait of Hormuz.