Mortgage rates

Treasury Secretary Scott Bessent expects the U.S. housing market to quickly pick up steam after recent indicators came in below forecasts.

While Freddie Mac's weekly survey showed 30-year rates falling, other indicators paint a mixed picture for mortgage lenders and borrowers.

The 30-year fixed rate mortgage continues to slip away from the 7% mark, Freddie Mac said, but experts still expect them to stay higher for longer.

The Freddie Mac mortgage rate tracker on Thursday morning showed the conforming 30-year fixed rate mortgage creep closer to the 7% level last seen in May.

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.