Mortgage rates

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.

The 30-year fixed rate stayed within a narrow range throughout most of July, with forecasts likely to leave the housing market "stuck," said one economist.

Fannie Mae also foresees more home sales than it did in June, but the Mortgage Bankers Association reduced its origination projections for 2025.

For the second consecutive week mortgage rates moved higher, as the likelihood of the Federal Reserve acting diminished after the Consumer Price Index report.

The 30-year fixed mortgage rate rose for the first time in six weeks, driven by Friday's strong jobs report and renewed uncertainty around tariffs.

Growth in conventional originations at U.S. banks came with the unexpectedly rapid rise of 30-year fixed interest rates in 2022, Federal Reserve researchers found.

Refinance apps made up more than 40% of all mortgage applications last week, driving an uptick as consumers seek out cheaper mortgage payments.