Our experts answer readers' home-buying questions and write unbiased product reviews (here's how we assess mortgages). In some cases, we receive a commission from our partners; however, our opinions are our own.

Mortgage rates spiked dramatically last week, with 30-year mortgage rates nearing 7%. But they've since receded, and are now around 24 basis points lower than they were a week ago.

Slowing inflation in June allowed mortgage rates to fall somewhat, and they may trend down further once the Federal Reserve stops hiking rates.