 Cooler inflation ratings are a relief, and she expects further easing in both price pressures and the labor market to warrant interest rate cuts, saying she sees it as likely that policy adjustments will be warranted. Mortgage rates fell slightly this week, but are still hovering around 7%. Freddie Mac's latest primary mortgage market survey says the average rate on a benchmark 30-year fixed mortgage ticked down to 6.89% this week, still uncomfortably high for many would-be homebuyers.