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Mortgage rates ease slightly as 10-year Treasury hits 2026 peak
Conforming 30-year rates averaged 6.92% and mortgage applications fell 6.4% week over week, with refinances down 10%.
Mortgage rates saw a brief cooldown this week despite the 10-year Treasury yield reaching a 2026 peak, according to HousingWire. Conforming 30-year mortgage rates averaged 6.92%, down 2 basis points week over week. FHA 30-year rates fell to 6.61% and jumbo 30-year rates rose to 6.95%.
HousingWire noted that rates have been rising consistently over the past month, linked to high oil prices tied to the conflict in the Middle East, and because mortgage rates often track the 10-year Treasury. The outlet said mortgage spreads have reached about 2.0%, above the historical average of roughly 1.6% to 1.8%, but remain low enough to keep rates from jumping much higher.
The report also pointed to softer demand, with mortgage applications down 6.4% last week. It attributed the decline to a 10% drop in refinances, while noting that elevated borrowing costs continue to pressure both refinance and purchase activity during the summer homebuying season.
HousingWire Lead Analyst Logan Mohtashami said wage growth relative to home-price growth has helped affordability, noting that national home prices have not fallen but have been growing only around 1% to 2% over the past year. The outlet also included comments from Mortgage Bankers Association President and CEO Bob Broeksmit, who said elevated borrowing costs remain a challenge even as economic data can influence interest-rate expectations.