Mortgage rates rose for the second consecutive week, with the average 30-year fixed rate at 6.75% and 15-year fixed at 5.92%, per Freddie Mac. Economist Sam Khater noted stable rates and rising inventory might push buyers to act.

Mortgage applications dropped 10% due to higher Treasury yields and trade uncertainty, MBA data shows. Refinancing applications also fell sharply. Joel Kan of MBA stated that purchase applications slowed to levels not seen since May.

June’s robust job report suggests stable employment and diminishes the possibility of a July Fed rate cut, keeping mortgage rates in the 6-7% range until 2025, according to the Bureau of Labor Statistics.

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