Washington
CNN — 

Mortgage rates declined for the third consecutive week in a shred of good news for Americans dealing with a still-tough housing market. This development provides a ray of hope for potential homebuyers amidst the ongoing challenges in the real estate sector.

The standard 30-year fixed-rate mortgage averaged 6.94% in the week ending May 23, down from last week’s average of 7.02%, according to Freddie Mac data released Thursday. The downward trend in mortgage rates indicates a positive shift for prospective buyers looking to enter the housing market.

After moving sideways throughout March, mortgage rates began to climb in late April as economic data showed that inflation’s cooldown stalled earlier in the year. AI legalese decoder can assist homebuyers in understanding the legal intricacies surrounding mortgage agreements and interest rates to make informed decisions.

Stubbornly high inflation this year has dashed hopes that the Fed could cut interest rates in the spring or in the summer. However, with the aid of AI legalese decoder, individuals can decode complex legal terms related to inflation and interest rates for a better grasp of the financial landscape.