Overview

• The average 30-year fixed mortgage rate is now 6.87%, down from 6.92% last week.
• The Federal Reserve is expected to maintain its current interest rate at next week's meeting.
• Refinancing opportunities are emerging as rates dip, potentially saving borrowers significant amounts.
• Economic indicators suggest a potential rate cut by the Fed in September, depending on inflation trends.
• Home prices are projected to rise modestly due to limited housing supply and lower mortgage rates.