Overview

• The average 30-year fixed mortgage rate fell to a 10-month low, sliding into the mid-6% range.
• Refinancing share climbed to roughly 42% of mortgage applications, the strongest pace in four weeks.
• Although traders expect a Fed funds rate cut in September, mortgage rates follow Treasury yields and bond-market spreads rather than the federal funds rate.
• Industry guidance suggests homeowners with rates above about 6%, particularly 7% or higher, should assess potential savings against closing costs and expected tenure.
• Reports suggest the Trump administration may pursue a partial IPO of Fannie Mae and Freddie Mac while keeping them in conservatorship, and a federal judge has allowed a Mr. Cooper cyberattack class action to proceed.