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The average contract rate on a 30-year fixed mortgage climbed 7 basis points to 6.65% in the week ending July 10. Meanwhile, the group's index of mortgage purchase applications fell 7.3%.
A week after falling to its lowest point since mid-May, the 30-year fixed rate mortgage turned higher as the 10-year Treasury rose 15 basis points since June.
However, for the second quarter, increased home purchase mortgage activity contributed to an industry-wide 11% increase in agency securitizations, BTIG said.
A potential end to the Iran War could lead to economic recovery, suggesting sub-6% rates may be far off as monetary policy discussions take a hawkish tone.
The decline in non-owner occupied acquisitions came as sales fell overall due to high mortgage rates and bad winter weather in the Northeast, BatchData said.
For the fifth time in the past seven weeks, mortgage rates moved higher, Freddie Mac reported, as consumer prices keep rising due to the Iran conflict.
Over three-quarters of the Wolters Kluwer Blue Chip Economic Indicators panel said the FOMC will ease eventually, but a growing number are now expecting a hike.
Approximately 54% of homeowners looked to a second lien product to access their home's stored value in the first quarter due to the "lock-in effect."
Market wonderment over inflation data and a possible halt to the Iran conflict resulted in what some trackers found to be a sideways week for mortgage rates.
Secondary market experts are split on whether the Fed's next move will be a rate decrease in 2027 or an increase, as more observers are now thinking.
The 30-year fixed spiked earlier in the week, but fell as Middle East news helped to drive the 10-year Treasury yield lower by 9 basis points by Wednesday.
The benchmark 10-year Treasury yield topped 4.4% on April 29 — its highest level since late March — as investor anxiety mounted.
The 30-year fixed is still over 20 basis points higher than its February bottom, but fell 7 basis points this past week on Iran peace hopes, Freddie Mac said.
The 30-year fixed fell to 6.37% after a two-week ceasefire tempered war-driven volatility, but economists warn the spring housing market faces continued turbulence.
The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.
For the second week in a row, the 30-year fixed increased by 11 basis points, Freddie Mac found, a result of reaction to oil price hikes from the Iran conflict.
The conflict pushed oil price futures above $100 a barrel for a short time earlier this week, which affected bond investors and the 10-year Treasury yield.
While this only shows a 2-basis-point rise in the 30-year fixed since last week, the Lender Price product and pricing engine data is 30 basis points higher.
For the first time since early September 2022, the Freddie Mac Primary Mortgage Market Survey has the 30-year below 6%, but the 15-year gained this week.
The increase in borrower activity came as housing starts ended 2025 on a high note, while mortgage rates were a percentage point lower year-over-year.
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