Mortgage rates

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.

A report by Black Knight shows still-increasing home prices, which is bad news for prospective buyers, but good news for existing homeowners, who are gaining equity.

The markets had a full week to absorb Fitch Ratings' U.S. downgrade, but today's inflation news could cause some near-term volatility.

Product availability for July remained at levels last seen in 2013 as rates briefly broke above the 7% mark during the month, the Mortgage Bankers Association said.

But a Zillow economist argues that there's plenty of evidence suggesting strong GDP and job growth had more to do with the increase than what Fitch did.

The yield on 30-year securities has climbed almost 25 basis points over the past three sessions, returning it to levels last seen in mid-November when inflation was still above 7%, more than double the current rate. Ten-year borrowing costs rose to around 4.15%. 

Homeowners with higher rates willing to sell in the next few years are mitigating the pricey housing market by purchasing points or pursuing smaller properties.

But the 25 percentage point quarter-to-quarter gain does not change the fact that existing homes for sale remain scarce, the TrustEngine report found.

There's divergence of opinions between one more rate hike this cycle and no further actions.

The 30-year fixed, which was threatening going above 7% again according to Freddie Mac data, was 18 basis points lower this week.

By "going big" in 2020, the Federal Reserve has managed to disrupt the term structure of interest rates to an alarming degree, writes the Chairman of Whalen Global Advisors.

However, both Zillow's and Optimal Blue put the 30-year fixed mortgage lower than where it was seven days prior.

The May uptick in nonbank housing-finance payrolls came almost entirely from lender hiring as loan broker numbers plateaued and construction demand persisted.

A resilient U.S. economy, lingering inflation and comments from the Federal Reserve contributed to a 10-basis-point hike in the 30-year fixed rate, Freddie Mac said.

The 30-year-fixed conforming loan rate was had its largest in over a month, contributing to the first decline in activity in four weeks, the Mortgage Bankers Association said.

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