Mortgage rates

The 30-year fixed moved 6 basis points this week as investors digested the news from the Consumer Price Index report.

Spreads with the 10-year Treasury are unlikely to narrow from outsized levels even as inflation cools and Fed tightening ends, said Odeta Kushi, an FA economist.

Even though the average for the 30-year fixed loan declined for the second straight week, a buoyant economy will affect future movements, Freddie Mac said.

"There is nothing that is saying we need to do anything imminent anytime soon," the Federal Reserve governor said in an interview on CNBC Tuesday.

Talk from the Federal Reserve about potentially hiking short-term rates again impacted longer-term bond yields.

The 30-year average jumped for the fifth week in a row and is likely to continue trending upward, economists say..

Key data points have shown price and wage pressures continue to dissipate, which should bolster the case for an end to rate increases, but strong labor-market activity may keep policymakers uneasy.

The average for a 30-year home loan marked the fourth straight week of increases, according to Freddie Mac.

Federal Reserve officials are more seriously discussing the possibility that they may not have to stop shrinking their massive balance sheet when they begin cutting interest rates, a readout from their most recent policy meeting showed. 

With prices continuing to increase and the conforming 30-year mortgage rising above 7% in July, the purchase market is in a holding pattern, Black Knight said.