Freddie Mac said the average U.S. 30-year fixed mortgage rate fell to 6.67% from
6.69% a week earlier, ending five consecutive weekly rises but remaining at its
highest level in over a year. Data show the U.S. labor market cooling and July
price gains slowing for a second month, with energy, gasoline and food down MoM
and core inflation measures at five-year lows; markets cut the odds of a 25bp
Fed hike in September to 38% from 48%. Stalled negotiations over the Strait of
Hormuz keep upside risk to oil prices, while high rates and economic uncertainty
continue to weigh on housing demand: U.S. July existing home sales fell 4.1%
from June to the weakest level in nearly two years.
