Mixed Mortgage Rates Respond to Economic Indicators and Rent Inflation

Mortgage rates have dropped for the second week in a row following a positive inflation report and the Federal Reserve's decision to pause on interest rate hikes. The average rate for a 30-year fixed-rate mortgage dropped to 6.69% for the week ending June 15, according to Freddie Mac's Primary Mortgage Market Survey. Despite the dip, mortgage rates remained in the 6% to 7% range and are not expected to drop significantly this year. Homebuyers continue to adjust to the current mortgage rate environment, and some affordable real estate markets are even seeing multiple offers on well-priced homes.