Mortgage rates forecast

But the 30-year fixed remains below 3%, which should continue to support increased demand.

About 54% of properties underwent bidding wars in July with some metro areas peaking at 75%, according to Redfin.

Earnings reports out this week beat pessimistic expectations, but strained coronavirus relief negotiations in Congress cloud the outlook for what's ahead.

Whether mortgage rates continue to decline may depend on Friday’s job numbers.

Rates are forecasted to remain at the current low levels for the rest of 2020, driving steady refinance volume.

Mortgage rates fell 2 basis points this week, remaining near their historic lows as they have for the past month with the markets roiled by uncertainty, according to Freddie Mac.

Mortgage rates rose for the first time in six weeks, going back the above the 3% mark, as spreads to the 10-year Treasury yield widened again, according to Freddie Mac.

Mortgage rates slid further this week, as the conforming 30-year fixed loan fell below the 3% mark for the first time in the 50 years Freddie Mac has tracked this information.

Mortgage rates continued their slide, with the conforming 30-year fixed at its closest point ever to breaching the 3% mark, according to Freddie Mac.

Mortgage rates reached their lowest level this week since Freddie Mac began its Primary Mortgage Market Survey in 1971, but they might not have yet gotten to their floor.