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Mortgage rates are continuing their downward trend as investors keep a lookout for more signs of cooling inflation.

“This week, labor cost data provided a ray of hope as it showed that hourly compensation was lower than previously reported in the second and third quarters for all sectors except manufacturing,” writes Danielle Hale, chief economist at, adding that gas prices are also plunging.

Wednesday’s report from the Bureau of Labor Statistics indicated that real hourly wages — which takes into account both wages and consumer prices — actually fell by 2.3% in the third quarter and 4% over the last four quarters.

Hale says the following week’s consumer price index data and the Fed’s next hike to the federal funds rate may provide more clarity as to where the economy is headed.

“This means that mortgage rates may continue on the volatile path seen so far in 2022 that has made it very difficult for buyers to set and maintain a home shopping budget.”

30-year fixed-rate mortgages

The average 30-year fixed rate continued its downward shift from weeks past, Freddie Mac reported Thursday. The average slid to 6.33%, down from 6.49% the week prior.

A year ago, the 30-year rate was less than half that amount, at 3.10%.