Mortgage rates

The resilience of the equity market has been underpinned by optimism the economy has withstood the worst of Fed tightening.

Positive signs on jobs and inflation help drive the 10-year Treasury yield lower, and lead investors to forecast a short-term rate cut sooner than later, Freddie Mac said.

For the sixth consecutive month, more mortgage credit is available to consumers, but it still remains historically tight, the Mortgage Bankers Association said.

The increase, coming off of persistent low levels, did not counter the slow purchase market during the month, Optimal Blue found.

June housing market data from Redfin found home prices hit a new all-time high. Fortunately, monthly mortgage payments decreased and new listings were up 10%.

Ongoing challenges from limited inventory levels and elevated prices likely spells little lending momentum this summer, Mortgage Capital Trading said in its latest report.

The overall Bureau of Labor Statistics number was a tad higher than expected but other indicators point to economic weakness that could lower mortgage rates.

News on the jobs front on Wednesday eliminated two-thirds of the six-day gain in Treasury yields.

Year-over-year home price growth was at its slowest pace since October, Corelogic's Home Price Index report said.

Buyers can expect a quiet market moving into July. Despite an uptick in new listings, a report on data from June said contract volume is still behind historical norms.