Mortgage rates stayed stuck at 6.76% this week as Treasury yields held firm, according to Freddie Mac (FMCC, Financial). The 15-year rate dipped slightly to 5.89% from 5.92%, a minor shift that came as the Federal Reserve kept interest rates unchanged. Kara Ng, senior economist at Zillow Home Loans, pointed to the steady job market as a buffer, saying the Fed now has “the gift of time” to gauge how current policies impact the broader economy before making any moves.

Despite pressure from President Trump to slash rates, the Fed isn't biting. While mortgage rates aren't directly set by the central bank, they're heavily influenced by rate expectations — and right now, traders are scaling back on rate cut bets. The CME FedWatch tool now sees just a 20.4% chance of a cut in June or July, signaling that markets are holding steady, at least for now.

Meanwhile, mortgage applications surged 11% last week, fueled by a jump in both purchase and refi applications, per the Mortgage Bankers Association. Buyers and refinancers are moving fast to lock in rates before the next Fed decision, anticipating that any unexpected rate shifts could rattle the calm.