Mortgage rates

The 30-year fixed rate mortgage fell 2 basis points this week, Freddie Mac said, but other sources like Zillow and Lender Price reported larger drops.

The increase in purchase volume was not enough to offset the drop in refinance application submissions as conventional rates increased week-over-week.

The bank "temporarily" paused home equity line of credit lending in April 2020, over concerns regarding the economic impact of the Covid-19 pandemic.

While still higher than the norm, the reduction in this spread is good news when it comes to mortgage rates for potential homebuyers as well as current owners.

Fannie Mae economists toned down their housing and economic outlook in August, predicting fewer home sales and less mortgage origination volume versus July.

Last year the Fed cut its benchmark rate by 50 basis points in September, and went on to lower rates twice more, even as 10-year Treasury yields rose.

Real estate investor sentiment bounced back from two quarters of decline, but lingering fears around tariffs, interest rates still weigh on many buyers' minds

The 30-year fixed rate mortgage fell by 5 basis points, with the Consumer Price Index showing muted inflation and jobs data still influencing the market.

Approximately 60% of economists surveyed by Wolters Kluwer believe the Federal Open Market Committee will act at its next meeting with a 25 basis point cut.

Employment came in below estimates, which some economists expect could move the bond market in ways that affect loan costs even before the Fed meets next.