Mortgage Rates Decline a Bit, Hit 6.67%
It’s the third weekly drop in a row and down from last week’s average of 6.69% for a 30-year, fixed-rate mortgage. A year ago, rates were 5.81%.
Inflation Isn’t as Bad as It Looks
The widely used CPI compares year-to-year prices, so if prices were steady for one year but saw a 10% increase in Jan., the next 12 months’ CPI would reflect 10% too.
NAR: Home Sales Edge Up 0.2% in May
Home prices, however, declined 3.1% year-to-year. Price increases in the Northeast and Midwest regions failed to offset declines in the South and West.
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