Mortgage rates have increased to 6.75% for the week ending July 17, reflecting ongoing inflation trends. The Consumer Price Index increased by 2.7% annually, indicating rising consumer prices. This shift reduces the likelihood of an interest rate cut by the Federal Reserve, which is reinforced by the implications of President Trump's tariffs affecting certain consumer goods. Trump's comments suggest a prolonged wait-and-see approach from the Fed amid affordability challenges, although increasing inventory may motivate potential buyers.
The average rate on 30-year fixed home loans increased to 6.75% for the week ending July 17, up from 6.72% last week, according to Freddie Mac.
The Consumer Price Index (CPI) rose by 2.7% on an annual basis, reversing several months of cooling trends and further reducing the likelihood of a Federal Reserve interest rate cut this month.
While overall affordability headwinds persist, rate stability coupled with moderately rising inventory may sway prospective buyers to act.
President Trump expressed that while he does not rule out replacing Chair Powell, he thinks it is highly unlikely unless Powell leaves for fraud.
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