Overview

• The average rate on a 30-year fixed mortgage climbed to 6.72% after five consecutive weeks of declines.
• Rates on 15-year fixed loans increased to 5.86%, up from 5.80% the previous week.
• Employers added 147,000 jobs in June and the unemployment rate fell to 4.1%, both surpassing economists’ forecasts.
• The probability of a 25-basis-point Federal Reserve rate cut in July dropped to 6.7% as markets adjusted to stronger labor data.
• Home purchase applications rose 25% year-over-year and refinance requests jumped 56% despite higher borrowing costs.