by Calculated Risk on 6/23/2025 08:11:00 PM
Mortgage rates ended the previous week roughly in line with the best levels since May 1st. Today’s modest improvement made it official.
Mortgage rates are primarily a function of trading levels in the bond market and bonds have had a few reasons to move at the start of the new week.
There’s a small case to be made that U.S. involvement in the conflict between Israel and Iran contributed to bond market strength and, thus, lower mortgage rates today. [30 year fixed 6.84%]
emphasis added
Tuesday:
• At 9:00 AM ET, S&P/Case-Shiller House Price Index for April. The National index was up 3.4% year-over-year in March.
• Also at 9:00 AM, FHFA House Price Index for April. This was originally a GSE only repeat sales, however there is also an expanded index.
• At 10:00 AM, Richmond Fed Survey of Manufacturing Activity for June.
• Also at 10:00 AM, State Employment and Unemployment (Monthly) for May 2024.
• Also at 10:00 AM, Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to CongressBefore the U.S. House Financial Services Committee
