Mortgage rates have shown a slight decrease, with the average 30-year fixed rate at 6.72% for the week ending July 31. The Federal Reserve has kept its key rate unchanged, indicating strong economic conditions. There is internal debate within the FOMC regarding monetary policy, with two members dissenting for a quarter-point rate cut. Fed Chair Jerome Powell has resisted calls for immediate rate cuts due to rising inflation and robust job statistics, emphasizing that the Fed does not directly influence mortgage rates.
The average rate on 30-year fixed home loans registered 6.72% for the week ending July 31, down just slightly from 6.74% last week, according to Freddie Mac.
Continued economic growth, along with moderating house prices and rising inventory, bodes well for buyers and sellers alike.
For the first time in 30 years, two members of the FOMC dissented from the majority, voting for a quarter-point rate cut.
Federal Reserve Chair Jerome Powell pointed to rising inflation above the Fed's 2% target and strong jobs numbers as the key reasons for holding off on rate cuts.
Collection
[
|
...
]