Mortgage Rates Steady as Market Awaits Crucial Inflation Data

Upcoming Producer and Consumer Price Index reports could influence future Federal Reserve decisions on interest rates.

Current average rate for a 30-year fixed mortgage is 7.21% for purchases and 7.22% for refinances.
Rates have remained stable after a recent dip below 7%, influenced by soft labor market data.
The Federal Reserve has held its benchmark rate steady, awaiting clearer signs of progress toward its 2% inflation goal.
April's CPI data, set for release tomorrow, is expected to significantly impact mortgage rate trends.
Homebuyers face affordability challenges due to high rates and limited housing supply.