Overview
- Freddie Mac’s 30-year fixed mortgage rate rose to about 6.49% this week as investors pushed the 10-year Treasury yield higher.
- The gradual breakdown of a tentative ceasefire with Iran and fresh strikes drove oil prices up and raised investor inflation fears, which translated into higher bond yields and mortgage costs.
- Sales of existing homes slowed in June, falling 2.4% from May, while the National Association of Realtors reported a record median existing-home price of $440,600 for the month.
- Congress passed the 21st Century Road to Housing Act and it will become law unless President Trump vetoes it; the bill aims to expand supply through easier placement of manufactured homes and repair grants and forgivable loans for existing properties.
- Economists and forecasters expect only modest rate and sales improvement later in 2026, and they warn the Fed’s openness to further hikes and renewed geopolitical shocks could keep rates high and affordability strained.