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Mortgage rates climbed throughout the first half of July, with average 30-year mortgage rates nearing 7%. But they're ending the month a tad lower, and they could start trending down more substantially throughout the second half of this year.
Inflation has been slowing this year, and it should continue to decelerate as the economy cools in the coming months. This will take some of the upward pressure off of mortgage rates and allow them to fall somewhat.