US Mortgage Rates Fall, Hitting the Lowest Level Since October

Mortgage rates in the US fell for a fourth straight week, reaching the lowest point since October.

The average for 30-year, fixed loans was 6.58%, down from 6.63% last week, Freddie Mac said in a statement.

While a measure of consumer inflation heated up in July, tepid price increases for goods calmed some investors’ fears of a broad impact from tariffs. Coupled with signs of job-market weakness, the data helped support bets that the Federal Reserve will resume cutting interest rates as early as September’s meeting.

A Fed reduction, however, wouldn’t guarantee significantly lower borrowing costs for homebuyers. Those ...