Mortgage rates hit new year-to-date lows, with the average 30-year fixed-rate at 6.56% and the 15-year rate at 5.69%. Rates fell following concerns highlighted by Fed Chair Powell, who hinted at a rate cut in September. Traders predict an 87% chance of a 25-basis-point cut. Despite Trump’s firing of Fed Governor Cook, markets have remained steady, keeping mortgage rates down. Mortgage applications for home purchases increased, but refinancings dropped. Home contract signings fell slightly in July, indicating ongoing affordability struggles for buyers. Economist Lawrence Yun notes that buyers remain cautious despite improved rates and inventory.

Read more at Yahoo Finance: Mortgage rates hit fresh 2025 lows despite Trump-Fed drama