Mortgage Rates Hit a Four-Week Low: What July Inflation Means for Buyers

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Mortgage rates ended the week near their lowest level in about four weeks, giving homebuyers and homeowners a little breathing room after months of elevated borrowing costs. The improvement was driven largely by this week's inflation data - especially the July Producer Price Index, or PPI. So, what happened, and could this be the beginning of a bigger move lower? Let's break it down. The week started with mortgage rates under pressure. Bond yields moved higher as concerns surrounding the U.S.-Iran situation increased, while rising oil prices created additional concerns about future inflation.