Mortgage Rates Show Promise Amid Cooling Inflation, Offering Hope for Home Buyers

A new report on mortgage rates is providing encouraging news for prospective home buyers, following yesterday's positive update on inflation. With inflation growth falling below 3% for the first time since March 2021, analysts anticipate that the Federal Reserve may reduce interest rates in its next meeting. This potential rate cut could lead to lower mortgage rates, making home buying more affordable in the near future. However, housing prices remain high, having risen 0.4% from June to July and over 5% in the past year, though analysts predict improvements for buyers down the line.