Weekly Mortgage Rates Barely Budge, With No Signs of Falling

The analysis demonstrates What caught my attention is Weekly mortgage rates continued to simmer last week, as wait in suspense ahead of the White House’s August 1 tariff deadline

What the re reveals is average 30-year fixed-rate mortgage rose one basis point to 6. 85% the week ending July 24, according to rates vided to NerdWallet by Zillow

A basis point is one one-hundredth of a percentage point

Rates are basically exactly where they were at the end of June — and there’s not much hope they’ll be significantly different by August

Moreover, Existing sales hit lowest pace in nine monthsStubbornly high mortgage rates continue to price buyers out of the market: Data from the National Association of Realtors (NAR) shows that existing sales fell 2, considering recent developments

This marks exactly two years of consecutive price growth, given current economic conditions

On the other hand, But with both listing prices and mortgage rates remaining high, more would-be shoppers are staying put. "High mortgage rates are causing sales to remain stuck at cyclical lows,” said Lawrence Yun, NAR chief economist. “If the average mortgage rates were to decline to 6%, our scenario analysis suggests an additional 160,000 renters becoming first-time owners and elevated sales activity from existing owners. "Moving into the back half of summer, that 6% rate feels more a distant dream (this bears monitoring)

One major factor in mortgage rate moves is the direction of the federal funds rate, which the Federal Reserve is set to reevaluate next week

However, Nevertheless, With trade deals remaining unsettled and inflation upward, analysts are predicting the Fed will vote to hold rates steady — meaning it’s unly that mortgage rates will see a meaningful drop (which is quite significant), in light of current trends

Explore mortgages today and get started on your ownership goalsGet personalized rates

Furthermore, Your lender matches are just a few questions away

Additionally, Do you want to purchase or refinance

However, Select your optionPurchaseRefinanceWhat's your perty type

Select your optionSingle family TownhouseCondoMulti-family How do you plan to use this perty (quite telling)

Additionally, Select your optionPrimary residenceSecondary residenceInvestment pertyGet StartedWon’t affect your credit scoreLack of housing inventory is hurting sales“Multiple years of undersupply are driving the record high price,” said Yun

New data from Wells Fargo economists and the U

Meanwhile, Department of Commerce shows this blem isn’t ly to go away soon (this bears monitoring), in light of current trends

Additionally, Single-family housing construction starts fell 4

Additionally, Most analysts predict that the Fed won’t be in rate cutting mode until at least September — and potentially later

Of course, a lot can change between now and then

But for hopeful buyers, there can be advantages to having a few months of lead time, amid market uncertainty

Nevertheless, For starters, you have some time to get your financial file in shape by focusing on paying down your existing debts and building your credit score

At the same time, This can help you get a better interest rate and qualify with more lenders as you shop around

However, With your credit in order, you can apply for preapval with multiple lenders if rates start to fall

Furthermore, Most preapval letters are good for up to 90 days, and they show sellers you’re a serious buyer who can afford the

The authorTaylor GetlerTaylor Getler is a and mortgages writer for NerdWallet, in today's market environment

Her work has been in outlets such as MarketWatch, Yahoo Finance, MSN and Nasdaq

Taylor is enthusiastic financial literacy and helping consumers make smart, informed choices with their money. : [ tected]