Average 30-year rate for conforming loans remained at 7.08% from last week, showing stabilization. The 15-year rate increased slightly to 6.63%. Downward movement in rates since May attributed to the decline in the 10-year Treasury yield and Federal Reserve policy consistency.
Expectations for short-term rate movement are low due to Fed Governor Bowman and majority of Fed officials not foreseeing frequent rate cuts. New-home sales and inflation reports are anticipated to influence rates. Although mortgage application data signal increased demand, it's noted that the growth is not substantial.
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