Fixed mortgage rates fell for the second week in a row as markets bet on a September rate cut.

The 30-year fixed-rate mortgage averaged 6.66% in the week ending Aug. 14, down four basis points from the previous week. The average 15-year fixed-rate mortgage fell seven basis points to 5.72%. A basis point is one one-hundredth of a percentage point.

Cooler-than-expected inflation boosts hopes for rate cut

July’s Consumer Price Index (CPI) rose 2.7% on an annual basis, slightly below the forecast among economists of 2.8%. While growing inflation should theoretically make the Federal Reserve less likely to cut rates in September, market analysts are buoyed by inflation accelerating slower than previously feared. Fed watchers are currently voicing almost unanimous consensus that central banke

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