Morning Business Report: Mortgage rates fall after six straight weeks of increases

Buying a home became slightly cheaper this week as mortgage rates fell for the first time following six consecutive weeks of increases.

(LILAMAX)- Buying a home became slightly cheaper this week as mortgage rates fell for the first time following six consecutive weeks of increases.

The average rate on a 30-year mortgage dropped to 6.67% through Wednesday, according to Freddie Mac. That’s down from 6.69% a week earlier.

A weakening job market and easing inflation helped keep interest rates from moving higher.

Consumers are also seeing some relief when it comes to prescription medications.

Prescription drug prices fell 3.1% in July compared with a year earlier, marking the steepest annual decline since 1963.

On Wall Street, the S&P 500 closed at another record high as investors reacted to tame inflation data and falling interest rates.

Meanwhile, prices for lab-grown diamonds continue to plunge. Prices are down 13% from a year ago and 30% from 2025.

The CEO of jewelry maker Swarovski said the lower cost and growing popularity of lab-grown diamonds are also changing how consumers shop, with more women purchasing gems for themselves.

And after weeks of voting and regional food rivalries, Hellmann’s has named America’s favorite sandwich.

About 10,000 sandwich fans were polled, with Pennsylvania’s Philly cheesesteak taking the top spot. Kansas’ burnt end sandwich finished a close second.