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Mortgage rates steady after late-June lows, briefly topped 6.85%

Rates bottomed near 6.5% in late June, then climbed to 6.85% last Thursday before easing slightly, with bond and oil-driven inflation expectations a key driver.

Reported · Written up by our desk · Mortgages

Mortgage rates bottomed out around 6.5% in late June, then moved steadily higher through the month, reaching 6.85% last Thursday, the highest level in over a year, according to Mortgage News Daily.

The outlet says there was a modest recovery on Friday, with notable intraday swings from the average mortgage lender, and that rates appear just barely lower as bonds remain only slightly improved versus Friday’s later levels.

Mortgage News Daily attributes the near-term bond and rate outlook to a weekend shift in risk sentiment, noting that a reported pause in fighting in Iran helped push oil prices lower, which in turn reduced inflation implications and bond yields.

The outlet also flags potential volatility ahead, pointing to Wednesday’s Fed announcement, where markets are less certain than usual about the Fed’s likely path, and it warns that a renewed escalation in Iran could lift oil and inflation expectations again, putting pressure on rates.

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