Mortgage Research Center data showed the 30-year conforming rate edged lower by July 31, while refinance rates across conventional, jumbo, FHA and VA loans remained relatively high and mortgage applications fell in the latest MBA survey.
The average U.S. 30-year fixed-rate conforming mortgage stood at 6.721% as of July 31, down slightly from the prior day and about 5 basis points lower than a week earlier, according to Mortgage Research Center data reviewed by Fortune. Refinance borrowing costs also remained elevated, with the average 30-year fixed conventional refinance rate at 6.758% as of July 30. Other refinance rates included 6.613% for 20-year conventional loans, 5.844% for 15-year conventional loans, 5.735% for 10-year conventional loans, 6.949% for 30-year jumbo loans, 6.088% for 30-year FHA loans and 6.172% for 30-year VA loans. Mortgage demand stayed soft: Mortgage Bankers Association data showed total applications fell 6.4% in the week ended July 24, with purchase applications down 3% and refinance applications down 10%. The Federal Reserve left the federal funds rate unchanged at 3.50%-3.75% at its July 28-29 meeting, a benchmark that influences broader borrowing conditions but does not directly set mortgage rates.