US 30-Year Mortgage Rate Slips to 6.67% as Applications Rise 3.6%

1 articles · Updated · KSL.com · Aug 16

Freddie Mac’s average 30-year fixed mortgage rate edged down to 6.67% this week from 6.69%, easing after hitting its highest level in more than a year.
Mortgage Bankers Association data showed applications rose 3.6% from a week earlier, suggesting buyers and refinancers quickly responded to the modest rate reprieve.
Mortgage News Daily’s index also fell to 6.69% by Thursday midday from 6.8% at the start of the week, its lowest level in three weeks.
Oil-price declines tied to hopes for a resolution to the Iran war, along with softer inflation, Treasury yields and Fed expectations, helped steady rates, though economists said those drivers could reverse quickly.
Home sales still remain weak nationwide—July fell to the lowest seasonally adjusted level in nearly two years—showing affordability pressures and economic uncertainty continue to weigh on housing.