Inflation cooled again in June, bringing mortgage rates room to ease.

With the Federal Reserve’s inflation target of 2% nearly in sight, economists at Fannie Mae and the Mortgage Bankers Association expect mortgage rates to drop into the low 6s by the end of next year.

The personal consumption expenditures (PCE) price index fell to 2.51 percent in June, just above the Fed's target. Core PCE, excluding food and energy costs, also remained steady.

This trend suggests the Federal Reserve might ease interest rates sooner than expected, potentially reducing short-term rates by 1.25 percentage points this year.

Despite these developments, mortgage rates for 30-year fixed-rate loans were around 6.77 percent last week, showing a gradual decline.

In Mesa County

There are currently 541 active homes on the market in Mesa County. This is a slight increase compared to a week ago.

The average sold price YTD is $448,372 and the median sold price YTD is $399,000.

Mortgage Rates Today

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