Mortgage rates

The 10 basis point decline in the 30-year fixed mortgage was the most since March and the first time rates are below 6.7% since April, Freddie Mac said.

Nonbank payrolls rose incrementally during the homebuying season as home-loan borrowing costs trended lower and a housing regulator sought to influence Fed policy.

Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.

Treasuries fell for a second day, pulled lower by a selloff the UK bond market, as traders shifted their attention to a report on the US jobs market on Thursday. 

The Treasury's need to finance growing debt is the unspoken factor in the discussion of monetary policy and housing costs, the Chairman of Whalen Global Advisors argues.

Treasuries fell Friday but remained on course for a third straight weekly gain, with benchmark yields near the lowest levels since early May.

The 30-year fixed rate mortgage is below 6.8% for the first time since May as the 10-year Treasury moved lower with the headlines of the past week.

A rally in short-dated Treasuries gathered pace Thursday after a raft of US economic data on balance favored wagers on as many as three Federal Reserve interest-rate cuts this year.

In some ways, the uncertainty in mortgage and capital markets has been unprecedented this year, but other aspects are old hat for industry veterans.

Mortgage rates are expected to remain elevated but stable for longer, with some industry participants thinking it is good for the housing market.