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Wall Street Journal
43 minutes ago
- Wall Street Journal
Mortgage Rates Today, July 2, 2025: 30-Year Rates Drop to 6.69%
Mortgage rates are down and still under 7%. Today's national average on a 30-year fixed-rate mortgage is 6.69%, according to Bankrate. If you choose a 15-year fixed-rate mortgage, the average rate is 5.89%. Home sales sank in May, dropping 13.7% and falling just short of many experts' predictions. The disappointing figure came amid concerns over increased housing costs and high mortgage rates. While interest rates have largely remained steady since mid-April, they've also remained consistently high with no relief in sight. The Federal Reserve held its benchmark rate steady on June 18, waiting to see whether businesses manage the impact of tariffs by raising prices or realizing smaller profits. Fed Chair Jerome Powell reiterated the central bank's wait-and-see posture at a House Financial Services Committee hearing, telling lawmakers: 'If it turns out that inflation pressures do remain contained, we will get to a place where we cut rates sooner rather than later, but I wouldn't want to point to a particular meeting.' He indicated that policymakers will look toward inflation and unemployment data over the summer to determine when future adjustments are appropriate. Top mortgage rates today Current mortgage rates are down and lower than they were seven days ago and in early 2025, when the average 30-year fixed-rate mortgage reached above 7%. Even though Federal Reserve policy doesn't directly impact today's mortgage rates, they have been easing since the Fed began cutting rates in late 2024. Mortgage rates change regularly, so compare offers and consider the personal and market factors that influence your quoted mortgage rate.
Yahoo
an hour ago
- Yahoo
Oil Extends Gain With US Stockpiles and OPEC+ Decision in Focus
(Bloomberg) -- Oil rose for a second day as traders turn their focus to key supply and economic indicators over the course of the week. Struggling Downtowns Are Looking to Lure New Crowds California Exempts Building Projects From Environmental Law What Gothenburg Got Out of Congestion Pricing New York Port Authority Shut Down Due to Multi-Bus Accident Brent crude traded near $68 a barrel, with West Texas Intermediate above $66. A slew of inputs are expected in the coming days, from official US inventory data later Wednesday to a jobs report Thursday and an OPEC+ output decision at the weekend. The American Petroleum Institute reported a 1.4 million barrel drop for last week at the Cushing oil storage hub — the pricing point for WTI. The decline would be the biggest since January if confirmed by government data, and would bring stockpiles at the hub to their lowest seasonal level since 2005. Trading activity in crude futures has declined since the truce between Israel and Iran led prices to plunge early last week, with volatility returning to levels seen before the war. Concerns are likely to return to a glut forecast for later this year, with an OPEC+ meeting this weekend expected to deliver another substantial increase in production quotas. 'Crude oil prices remained roughly unchanged week-on-week as the market focus shifts from the ceasefire in the Middle East to this Sunday's virtual OPEC+ meeting,' Goldman Sachs analysts including Yulia Zhestkova Grigsby wrote in a note. 'We do not expect a large market reaction if OPEC+ decides to increase production on Sunday as consensus has already shifted towards this outcome.' SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
US rate futures raise easing bets for July, fully prices in September cut
NEW YORK (Reuters) -Futures on the federal funds rate on Wednesday lifted the chances of a rate cut by the July policy meting after a much weaker-than-expected private sector jobs report for June. Data showed private sector jobs unexpectedly fell by 33,000 last month. Fed funds futures priced in as much as a 27% chance of a July cut post jobs data, according to LSEG estimates. It was last at 23%, compared with a roughly 20% just before the data release. For the September meeting, the market has fully priced in a 25 basis-point rate decline.
