U.S. mortgage rates have slightly decreased for the first time in six weeks

Freddie Mac stated that the average rate for a 30-year fixed mortgage in the United States decreased from 6.69% a week ago to 6.67%, ending five consecutive weeks of increases.

The U.S. job market is cooling, with price increases in July slowing down, and core inflation indicators dropping to a five-year low. The market expects the probability of a 25 basis point rate hike in September to fall to 38%. Stalled negotiations in the Strait of Hormuz have raised concerns about high oil prices, and U.S. home sales in July decreased by 4.1% compared to June.