Mortgage Rates Inch Lower , Ahead of the Fed's Next , Expected Rate Hike.<br />The average cost of a long-term <br />mortgage in the United States has <br />slipped to its lowest level in four weeks. .<br />'The Independent' reports that the news comes <br />as would-be house hunters face persistently <br />high prices and near historically-low availability.<br />On July 20, mortgage buyer Freddie Mac <br />said that the average rate on a 30-year home <br />loan dropped to 6.78% from 6.96% the week before.<br />Average rates at this <br />time last year were at 5.54%.<br />In early November, rates surged to reach 7.08%. .<br />Two weeks ago, the 10-year Treasury yield climbed <br />above 4% for the first time since early March.<br />The yield is used by lenders to price <br />rates on mortgages and other loans. .<br />At midday trading on July 20, <br />the yield was at 3.86%.<br />Since last summer, inflation <br />has been slowly cooling.<br />'The Independent' reports that this has led <br />economists to expect the Federal Reserve's <br />next rate hike to be the last of the current cycle.<br />'The Independent' reports that this has led <br />economists to expect the Federal Reserve's <br />next rate hike to be the last of the current cycle.<br />Since early last year, the Fed has been aggressively <br />raising rates to reach its highest level in 16 years. .<br />'The Independent' reports that average rates remain <br />over twice what they were just two years ago.
