#mortgage-rates

#mortgage-rates

Sales of previously occupied U.S. homes rose in July as homebuyers were encouraged by a modest pullback in mortgage rates, slowing home price growth and the most properties on the market in over five years. Existing home sales rose 2% last month from June to a seasonally adjusted annual rate of 4.01 million units, the National Association of Realtors said Thursday. Sales edged up 0.8% compared with July last year.

The UK housing market recorded its fastest monthly growth of the year in July, with prices rising by 0.4% according to the latest figures from Halifax.

The economy grew by 73,000 jobs, according to the Bureau of Labor Statistics. That was less than most economists were forecasting. Worse, the initial estimates for job growth in May and June were revised downward by a total of 258,000.

In 2025, mortgage rates are projected between 5.75% and 7.25%, with the 10-year yield fluctuating between 3.80% and 4.70%.

While private sector employment made a lackluster gain of 74,000, government job creation, especially in education, significantly inflated the total to 147,000, showcasing a profound irony.

The new Dashboard is a tool that enables NAR members to stay ahead of the market and better serve their clients, equipping them with insights into shifts in affordability, demand, and the economy.

Mortgage rates are now at their lowest level in over two years, which is obviously good news for prospective first-time buyers and those looking to switch their mortgage over the coming months.

After the April 2 announcement of a new global tariff regime, markets across the board dropped and rates jumped to 7%. Mortgage rates began to drop after Trump paused the tariffs.

Mortgage rates have reached 7% following President Trump's tariff announcement, but have since fallen to 6.91%, impacting reverse mortgage activity.