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Mortgage Rates Dip Slightly Amid Global Tensions but Fed Hike Looms

KVIA••CNN Newsource
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This week, mortgage rates in the U.S. saw a slight decrease, with the average 30-year fixed rate falling to 6.47% from 6.52%. This drop coincides with easing tensions related to the U.S.-Israeli conflict with Iran, which had temporarily calmed market fears. However, the Federal Reserve has indicated a potential interest rate hike later this year due to rising inflation, which could impact future mortgage rates. Despite these fluctuations, pending home sales have risen, suggesting that buyers are adjusting to the current rate environment and showing strong demand for housing.

Key Details: • Average 30-year mortgage rate now at 6.47%, down from 6.52%. • Federal Reserve may raise interest rates later this year due to inflation concerns. • Pending home sales increased by 3.8% month-over-month in May. • Consumers are adapting to above-6% mortgage rates as the new normal.

federal-reserve mortgage interest-rates housing-market inflation

People & Organizations

Freddie MacNational Association of REALTORSKevin WarshLawrence Yun

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