Mortgage rates

Nearly two-thirds of consumers in a July survey said they expect mortgage rates to decline soon, but most want to see them cross a very specific threshold before they act, Mphasis Digital Risk found.

Underlying U.S. inflation eased for a fourth month on an annual basis in July, keeping the Federal Reserve on track to lower interest rates next month.

Five other cities are now at over $1 million in median price, up from four in previous periods, the National Association of Realtors said.

The increase in refinance volume in July took place before the mortgage rate collapse in early August that brought the share to over 25%, Optimal Blue data showed.

The 30-year fixed rate loan was down 26 basis points as investors reacted early in the week to the employment numbers, according to Freddie Mac.

Additions to product menus for cash-out refinancings, adjustable-rate loans and jumbos drive the increase in availability, the Mortgage Bankers Association said.

Mortgage bonds tend to lag Treasuries when it's unclear where rates are going, because changes in yields can have a big impact on how many borrowers refinance their home loans.

Market turmoil is driving the 10-year Treasury yield downward and taking mortgage rates with it, putting more borrowers in the money to refinance, Intercontinental Exchange said.

Bond traders now see a roughly 60% chance of an emergency quarter-point cut by the Federal Reserve within one week because of the market turmoil.

There were reports of rates plummeting after new numbers Friday showed a notable drop in overall jobs but then moderating later in the day.