Overview

• 30-year fixed rates hovered between 6.57% and 6.63%, reaching their lowest marks since October 2024.
• The Federal Reserve kept its policy rate at 4.25–4.50%, with two FOMC members dissenting in favor of an immediate 25-basis-point cut.
• A July jobs report showing just 73,000 new positions and significant downward revisions drove Treasury yields lower and bolstered rate-cut bets.
• Mortgage applications rose 3.1% week over week, while refinance requests climbed 5%, lifting the refinance share to 41.5%, its highest since April.
• Economists warn that lingering inflation pressures and concerns about political influence on Fed decisions could reverse rate declines and sustain market uncertainty.