Mortgage rates faced pressure as oil prices climbed, raising concerns about inflation. Investors were also watching upcoming inflation data for clues about the Federal Reserve’s next move.
Inflation remained mixed. Core inflation cooled to 2.4% annually, but the monthly increase was higher than expected.
Existing home sales fell 2% to their slowest pace in over a year. However, inventory rose nearly 6% from last year, giving buyers more options. Home prices remained up 1.6% year over year.
The Federal Reserve’s meeting next week will be closely watched. Mortgage rates may remain sensitive to inflation and energy prices.
For buyers, rising inventory could create more negotiating power, even as affordability remains a challenge.
Bottom line: The market is slowing, but home values remain relatively stable. Prepared buyers may find opportunities as more inventory becomes available.
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