Mortgage rates

The contract rate on a 30-year mortgage declined 10 basis points to 6.67% in the week ended Aug. 8, according to Mortgage Bankers Association data released Wednesday.

Approximately 60% of economists surveyed by Wolters Kluwer believe the Federal Open Market Committee will act at its next meeting with a 25 basis point cut.

July's surprising jobs report helped drive Treasury yields and corresponding rates lower, opening up a window of opportunity for borrowers to capitalize.

The mortgage numbers are a welcome boost to a market that has struggled to overcome high costs and prolonged economic uncertainty.

US Treasuries, coming off their best day so far this year on Friday, held onto most of the move to start a week featuring a heavy slate of note and bond auctions.

Employment came in below estimates, which some economists expect could move the bond market in ways that affect loan costs even before the Fed meets next.

The 30-year fixed rate stayed within a narrow range throughout most of July, with forecasts likely to leave the housing market "stuck," said one economist.

The regulator renewed his fight with the policymaker after the latter left the rates he oversees unchanged and distinguished them from those for mortgages.

Bond investors enter a frenetic week comprising the latest Treasury view on quarterly debt sales, a Federal Reserve meeting, and plenty of data crowned by the July jobs report.  

Fannie Mae also foresees more home sales than it did in June, but the Mortgage Bankers Association reduced its origination projections for 2025.

Despite upticks in new-home mortgage applications and homebuilder sentiment, analysts worry that interest rates will continue to cool the market.

For the second consecutive week mortgage rates moved higher, as the likelihood of the Federal Reserve acting diminished after the Consumer Price Index report.

The dollar rose after a better-than-estimated retail sales report and a drop in jobless claims reinforced speculation the Federal Reserve will stay on hold for now. Stocks and bonds wavered.

His transformation comes at a time when President Donald Trump's demands that the Fed cut rates are reaching a fever pitch, and Trump has made clear he won't pick a candidate who isn't ready to deliver.

New limits for forward commitments add to indications the secondary mortgage market is watching builder partnerships with home lenders closely.

The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.

The 30-year fixed mortgage rate rose for the first time in six weeks, driven by Friday's strong jobs report and renewed uncertainty around tariffs.

Growth in conventional originations at U.S. banks came with the unexpectedly rapid rise of 30-year fixed interest rates in 2022, Federal Reserve researchers found.