Inflation is slowing. In June, the Consumer Price Index increased only 3.1% from one year ago, the lowest year-over-year increase since April 2021. As inflation falls closer toward the Federal Reserve's 2% target, fears of significantly higher interest rates or of the hikes triggering a deep recession may begin to subside.

Mortgage rates have responded. After the June inflation numbers were reported, mortgage rates ticked downward. Data from the Mortgage Bankers Association shows mortgage rates were generally over 7% at the beginning of July, but have dipped into the sixes in the weeks since. The direction of rates in the near future is unclear, so now is the time to act.

Ready to lock in your rate? Trust the experts at National Iron Bank to help you get pre-approved and shop with confidence.

Excerpt from National Mortgage News