Job market and inflation cooling relieve pressure on the Federal Reserve to raise interest rates; U.S. mortgage rates decline for the first time in six weeks.

According to Zhitong Finance APP, U.S. mortgage rates have declined for the first time in six weeks. The latest employment and inflation data show that the U.S. labor market is cooling, while the impact of the Iran war on July's inflation may be less than previously feared, leading to a decrease in market expectations for recent rate hikes by the Federal Reserve. However, U.S. mortgage rates remain at their highest level in over a year, and high borrowing costs continue to suppress demand in the real estate market.