Market Update

Mortgage rates remain flat, inflation continues to decline, and existing home sales continue to slip in June as median price reaches a record high. All this and more in today’s Real Estate Update.

Mortgage rates remain flat, down nearly half a percent from peak

The national average for a 30-year fixed-rate mortgage remains flat at 6.78%. Rates remain essentially flat from 6.77% last week and down from 7.22% in May. Rates are down slightly year over year, from 6.81%.

Inflation continued to decline in June, helping case for lower rates

The CPI declined 0.1% in June, putting the annual rate at 3%, around its lowest level in more than three years. A 3.8% slide in gasoline prices offset 0.2% increases in both food prices and shelter. The latest inflation numbers may increase the likelihood of a Federal Reserve rate cut in September.

Home sales slip in June as median price reaches record high

Existing-home sales faded 5.4% in June to a seasonally adjusted annual rate of 3.89 million. The median existing-home sales price bounced 4.1% from June 2023 to $426,900. The inventory of unsold existing homes rose 3.1% from the previous month to 1.32 million at the end of June. 

Sited by Daniel McCullum