In anticipation of Tuesday’s inflation reading, mortgage rates eased compared to last week.

HousingWire’s Mortgage Rate Center showed the average 30-year fixed rate for conventional loans at 7.08% on Tuesday, down from 7.17% one week earlier. At the same time one year ago, the 30-year fixed rate averaged 6.83%. Meanwhile, the 15-year fixed rate averaged 6.46% on Tuesday, down from 6.5% one week earlier.

The relief in borrowing costs, however, may be short-lived as Tuesday’s strong inflation data is likely to reverse this trend. Consumer prices in February were up 3.2% from a year earlier, details ⇒

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