U.S. mortgage rates dropped from an eight-month high, after nearing 7 percent last week, as inflation slows ahead of next week’s Federal Reserve policy meeting.
The Fed’s aggressive interest-rate hike policy sent mortgage rates well above 7 percent last year, causing the once booming housing market to crash.
Rates have been slow to decline from the nearly two-decade high, forcing many potential buyers out of the market.
The 30-year fixed-rate mortgage fell to 6.78 percent in the week ended July 20, from 6.96 percent the week before, according to Freddie Mac on July 20. This was first decline since June and the biggest weekly drop since March….