Mortgage interest rates are likely to move higher in August as the war in Iran appears to be intensifying. The war's outbreak initially spurred mortgage rates higher this spring, and rates' fates continue to be tied to news from the Middle East.
It's true that the Federal Reserve didn't raise the funds rate at its July 28-29 meeting, and it might seem like, if anything, that would give rates a bit of room to soften. But that's not how markets reacted, so the Fed's inaction might counterintuitively also put upward pressure on rates.
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