Mortgage rates

The 30-year fixed rate mortgage was at its lowest level since early February as the benchmark 10-year Treasury dropped under 4%.

As Treasuries advance for a third-straight month, investors are fully pricing in at least two quarter-point rate reductions this year, slightly more than what policymakers have telegraphed.

But following the gross domestic product and personal consumption expenditures reports, Treasury yields and mortgage rates fell.

A run-up in mortgage rates and a constrained resale market has enabled builders to capitalize on the fractured U.S. housing landscape.

Lower inflation and a slowing jobs market is the driver of the new forecast, but housing will not see any immediate benefits.

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Both Vanguard Group Inc. and Fidelity International have said a Republican sweep in November would pose the greatest risk to bonds by expanding Trump's ability to implement his agenda, some of which is also expected to contribute to higher inflation.

Year-over-year consumer dollars for home remodeling projects should drop 0.5% by 2Q25, after a 3% decline for the trailing 12 months, said the Joint Center for Housing Studies of Harvard University.

Even though the 30-year fixed rate mortgage is at its lowest level since mid-March, consumers are being cautious in returning to the market, Freddie Mac said.

Nearly all of the economists surveyed by Wolters Kluwer in July expect the FOMC to reduce short-term rates, but less of them expect it to happen at the September meeting than the number who believed so last month.