Overview

• Thirty-year fixed-rate mortgages have inched up to about 6.82%–6.87% after dipping to a three-month low of 6.75% last week.
• Purchase applications rose 9.4% for the week ending July 4 while average loan sizes fell to $432,600, the smallest since January.
• Refinance activity climbed 9% week-over-week and jumped 56% year-over-year as homeowners seize lower rates.
• State-level averages range from roughly 6.69% in New York and California to near 6.97% in Alaska and West Virginia.
• Movements in 10-year Treasury yields, the Fed’s steady policy stance and lender competition continue to drive rate fluctuations.