Mortgage rates

The 30-year average declined for the fifth consecutive week, as purchase demand picking up at the same time, according to Freddie Mac.

Even if the 30-year fixed were to slip further to 6.4%, it is not enough to end the seller's strike, economists said.

The market's reaction to the Consumer Price Index report on Tuesday helped to push the 10-year Treasury and 30-year fixed-rate loan lower, Freddie Mac said.

Freddie Mac's survey finds the 30-year fixed loan dropped 3 basis points, but Zillow's tracker showed since the FOMC announcement, they dropped 30 basis points.

At the same time, the 15-year fixed rate loan rose above 7% for the first time in nearly 23 years, Freddie Mac reported.

The Fed's higher for longer statements have pushed up the 10-year Treasury in recent weeks to levels last seen in 2007 and that is affecting pricing.

But the industry will still have to go through some pain in 2024, Wharton Professor Susan Wachter told attendees at the Mortgage Bankers Association annual convention.

While great progress has been made towards the goal of reducing capacity by 30%, job reductions should continue for several more quarters.

The average interest rate for the 30-year loan rose for the fifth consecutive week, according to Freddie Mac, but Treasury yields did move lower.

While some observers believe that by year-end, the 30-year FRM would be lower than current levels, chatter about an 8% mortgage exists.

Public policy experts debated the effect of rising rates on the mortgage market, the impact on homebuyers and ways that Fannie Mae and Freddie Mac could exit conservatorship at the National Mortgage News Digital Mortgage Conference.

Even as Freddie Mac's survey put rates at their highest since December 2000, factors like rising oil prices and a government shutdown could slow the economy.

High mortgage rates and the lack of inventory for sale pushed the sector into a downturn twice recently - between May and November last year and in May of 2023 - according to First American

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.

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

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.

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.

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.