Latest mortgage news: Rates retreat, might have already hit ‘cyclical high’

Source: Bankrate — 

The Federal Reserve on Wednesday moved aggressively to rein in inflation, announcing its second consecutive rate hike of three-quarters of a percentage point. Counterintuitively, the average rate on 30-year mortgages fell to 5.59 percent this week from 5.76 last week, according to Bankrate’s national survey of large lenders.

The Fed’s strong policy move normally would lead to rising mortgage rates. The central bank is ramping up efforts to fight inflation, which has remained high after a bout of pandemic stimulus. In June, annual price increases clocked in at 9.1 percent.