Mortgage rates decline amid slowing inflation and rising demand.

Mortgage rates fell for the fifth consecutive week, with the 30-year fixed-rate mortgage averaging 6.27%, down from 6.28% last week. Despite inflation remaining above the desired level, it is showing signs of deceleration, according to Freddie Mac's Chief Economist. Jobless claims came in higher than expected, increasing optimism that the Federal Reserve will continue its rate pause. Tight labor markets and increased optimism among prospective homebuyers are contributing to the housing market's peak in the spring and summer.