Overview

• Freddie Mac’s weekly average for 30-year fixed loans edged down to 6.74% for the week ending July 23, even as daily purchase rates climbed to 6.89%, near a one-month high.
• Refinance rates have risen for two consecutive days to an average of 7.04%, pushing them back above the 7% threshold after briefly dipping below it.
• Purchase applications increased 3% week-over-week in Mortgage Bankers Association data, while refinance activity fell by 3%, reflecting borrowers’ shifting priorities.
• A National Association of Realtors survey finds that mortgage rates would need to dip to 6% to unlock homebuying potential for an additional 5.5 million households.
• With the Federal Reserve holding its benchmark rate steady through four meetings and no cuts expected before September, mortgage rates are likely to stay elevated in the near term.