by Calculated Risk July 29, 2024 8:15 PM
From Matthew Graham of Mortgage News Daily: Mortgage rates start the week at six-month lows
While the range over the past few weeks has been very narrow, average mortgage rates still fell to their lowest in over six months. The top traditional 30-year fixed rate scenario is reaching the high 6% range, with our own daily average at 6.81%, consistent with the levels seen on July 15th and 18th.
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The rest of the week will likely be determined by economic data and reaction to Wednesday’s Fed announcement. The Fed is not expected to cut interest rates at its meeting, but some investors will be looking for clues about a rate cut in September that is now seen as a near certainty.30-year fixed rate 6.81%)
Add emphasis
Tuesday:
• 9 a.m. ET; S&P/Case-Shiller Home Price Index May. The consensus forecast is for the Comp 20 Index to increase 6.0% year over year in May.
• Also, at 9 A.M. FHFA Home Price Index May issue. Originally it was a repeat sale of only GSE, but there is also an extended index.
• 10am ET: Job/resignation survey BLS June report.
