U.S. housing stocks quiet as mortgage rates ease but refi math still tough
U.S. mortgage rates have dipped, sending some buyers back to lenders, but it hasn’t been enough to shift margins for homebuilders and mortgage firms. That gap played out in housing stocks on Monday. Freddie Mac said the average 30-year fixed mortgage dropped to 6.43% in its July 2 survey, the lowest level in seven weeks. That’s down from 6.49% a week ago and 6.67% one year ago. The 15-year fixed dipped to 5.79% from 5.84%. “With rates at a seven-week low and purchase demand continuing to edge higher, it's an encouraging sign,” said Chief Economist Sam Khater.