Mortgage rates

While the recent upward movement has dampened borrowing activity, housing researchers reported encouraging signs for business this fall.

Federal Reserve Bank of Dallas President Lorie Logan repeated her call for the U.S. central bank to lower interest rates at a careful pace as the economic environment remains uncertain.

While the Freddie Mac survey found the 30-year fixed fell 11 basis points, other indicators, including the 10-year Treasury yield, have all increased.

The 30-year fixed rate mortgage fell week-to-week by the largest amount since the start of August and are now almost a percentage point lower than a year ago, according to Freddie Mac.

The latest inflation news is almost sure to result in a 25 basis point cut next week, but some are still hoping for 50 basis points, as well as reductions totaling almost 200 basis points through the end of 2025, Wolters Kluwer found.

The 30-year fixed rate loan was down 26 basis points as investors reacted early in the week to the employment numbers, according to Freddie Mac.

Bond traders now see a roughly 60% chance of an emergency quarter-point cut by the Federal Reserve within one week because of the market turmoil.

The 30-year fixed rate mortgage was at its lowest level since early February as the benchmark 10-year Treasury dropped under 4%.

But following the gross domestic product and personal consumption expenditures reports, Treasury yields and mortgage rates fell.

Even though the 30-year fixed rate mortgage is at its lowest level since mid-March, consumers are being cautious in returning to the market, Freddie Mac said.