Mortgage and Refinance Rates Fall for Fourth Consecutive Day on July 8, 2026

💡 Mortgage and refinance rates continued their downward trend, falling for the fourth consecutive day.

The Federal Reserve delivered a hawkish surprise on Wednesday, signaling that interest rate cuts remain further away than markets had hoped. Fed Chair Jerome Powell told reporters that the central bank needs "greater confidence" that inflation is sustainably declining before it will consider easing policy.

The 30-year fixed mortgage rate fell to 4.12%, a 0.14% decline from the previous day's rate of 4.26%. The 15-year fixed mortgage rate also decreased, dropping to 3.51% from 3.65% the day before.

Mortgage and Refinance Rates Continue Downward Trend

Mortgage rates have been declining for four consecutive days, with the 30-year fixed mortgage rate falling to 4.12%. This trend is a result of market expectations that the Fed will cut interest rates in the near future.

Mortgage Demand Remains Strong

Despite the decline in mortgage rates, housing demand remains strong. The National Association of Realtors reported that existing home sales rose 2.5% in June, reaching a seasonally adjusted annual rate of 5.3 million.

Refinance Activity Increases

As mortgage rates fall, refinance activity increases. According to data from the Mortgage Bankers Association, the volume of refinance applications rose 12% last week compared to the previous week.

What It Means for Investors