Mortgage

Mortgage rates rose slightly over the past week, with the U.S. economy continuing to show strength even as home sales remain tepid, HousingWire reported. According to the Mortgage Rates Center, the average 30-year rate for conforming loans stood at 7.11 percent on Tuesday, up slightly from 7.08 percent one week ago. Meanwhile, the 15-year conforming rate continued its steep rise and reached 6.99 percent on Tuesday after having reached a recent low point of 6.56 percent on June 21. “The bond market has been very wild the last few days, but the spreads have behaved as well, keeping rates from being higher than they would have been if we had 2023 mortgage spread levels,“ HousingWire Lead Analyst Logan Mohtashami said. “The 15-year loan might not be that appetizing for investors compared to the 30-year loans lately.“ Little is expected to change in the short term as the odds of the Federal Reserve lowering benchmark rates at the end of this month appear low. According to the CME Group’s FedWatch tool, market observers believe that there is a 91.2 percent chance of rates remaining the same after the next Federal Open Market Committee meeting on July 30-31.