The average 30-year conforming loan rate rose slightly to 7.11%, while the 15-year conforming rate spiked to 6.99% after reaching a low of 6.56% in June.
Federal Reserve is unlikely to lower rates at month-end, with a 91.2% chance of rates staying the same. Fed Chair Powell stressed the need for clarity on inflation before any cuts.
US economy remains strong, giving flexibility to Fed's rate decisions. Recent data suggests rise in job openings, particularly in government and durable goods manufacturing sectors.
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