"Mortgage rates declined last week, as recent signs of cooling inflation and the increased likelihood of Fed rate cuts later this year pulled them lower. The 30-year fixed rate declined to 6.87%, the lowest rate since March 2024." --Joel Kan, MBA’s Vice President and Deputy Chief Economist

Stan Rhodes, a long-time innovator and leader in the mortgage and banking industries, passed away on June 27 after a battle with illness. He was 77 and resided in Washtenaw County, Mich.