06/16/2026
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Mortgage rates stayed fairly steady last week, but they are still elevated. Mortgage News Daily is showing the average 30-year fixed rate around ๐ฒ.๐ฑ๐ด%, so affordability remains a challenge for many buyers.
The big story is inflation and oil. Last weekโs inflation report showed headline inflation moving higher, mostly because energy prices had been pushing up costs. The better news was that Core CPI, which removes food and energy, came in softer than expected.
There was also important news this morning: reports of a possible U.S.-Iran peace agreement sent oil prices lower. That matters because lower oil prices can help ease inflation pressure, and that can be helpful for mortgage rates.
That said, I would not call this market calm yet. Producer prices are still running hot, mortgage rates are still sensitive, and markets are waiting for this weekโs Federal Reserve meeting. This will be Kevin Warshโs first Fed meeting as Chair, so investors will be watching closely for any change in tone about inflation and future rate policy.
My simple takeaway: we finally got a little encouraging news from the oil market, but rates are not out of the woods yet. If youโre thinking about buying or selling, this is still a market where preparation, patience, and strategy matter.