Mortgage Rates Dip as Federal Reserve Signals Potential Rate Cut

Average mortgage rates fall to a seven-month low following weaker-than-expected job growth and rising unemployment.

30-year fixed mortgage rates drop to 6.75%, the lowest since February.
15-year fixed mortgage rates decrease to 5.99%, offering savings on interest over the loan term.
Investors anticipate a significant Fed rate cut in September amid cooling inflation.
The Federal Reserve held the benchmark rate unchanged for the eighth consecutive time.
Economic data suggests further rate cuts may occur in 2025.