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Though mortgage rates ended July relatively low, they spiked back up in the first week of August, with average 30-year mortgage rates nearing 7%. Rates remain elevated today.
But with the latest Consumer Price Index data slated for release later this week, mortgage rates could soon moderate. The CPI, a leading measure of inflation, has slowed significantly over the past 12 months. As inflation continues to decelerate, mortgage rates will likely trend down.
In July, 30-year mortgage rates averaged around 6.62%, according to Zillow data.