by Calculated Risk on 8/05/2024 07:00:00 PM

From Matthew Graham at Mortgage News Daily: Lowest Mortgage Rates in More Than a Year

As of Friday, the average top tier 30yr fixed mortgage rate was merely at the lowest levels of 2024. A modest additional drop this morning brought that number to the lowest level since April 2023.
...
In the big picture, rates have been moving consistently lower due to an ongoing bond market rally that began in May. That rally is driven by softer inflation/economic data and an increased willingness on the part of the Fed to consider rate cuts. [30 year fixed 6.81%]
emphasis added

Tuesday:
• At 8:30 AM ET, Trade Balance report for June from the Census Bureau. The consensus is the trade deficit to be $72.6 billion.  The U.S. trade deficit was at $75.1 Billion the previous month.

• At 11:00 AM: NY Fed: Q2 Quarterly Report on Household Debt and Credit