Mortgage rates

Treasury yields rose Monday led by long-maturity tenors as investors preoccupied with the potential fallout of US tariffs looked ahead to auctions later this week.

Fresh US jobs figures took pressure off the Federal Reserve to consider an interest-rate cut later this month, likely leaving the central bank on hold at least until the fall.

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.

Bill Pulte's social media posts saying inflation has fallen far enough added to intensified political pressure on the independent Federal Reserve chairman.

Seven officials now foresee no rate cuts this year, compared with four in March. Two others pointed to one cut this year.

Despite increased concerns about tariffs and inflation, 55% of Americans feel upbeat about their fiscal future, according to TransUnion.

An elevated inventory of homes for sale and high mortgage rates sapped the motivation to build as permits issued in May fell to a five-year low

The 30-year fixed-rate mortgage remains in the same general vicinity since the post-tariff spike, and significant movement isn't expected soon.

None of the economists surveyed by Wolters Kluwer predict the Fed will cut rates at this week's meeting, few expect one in July and 41% said after September.

A closely watched auction of 30-year Treasuries saw stronger-than-expected demand on Thursday, easing for now worries that investors would shun the US government's longest maturity.

The wholesaler, which provides 2% down payment assistance as part of the program, previously offered it until May 2024, when it was replaced by a 0% down loan.