US, Iran Sign Hormuz MoU, Reopening Strait Toll-Free Through Mid-August
Updated
Updated · Eye on Housing · Jul 3
US, Iran Sign Hormuz MoU, Reopening Strait Toll-Free Through Mid-August
3 articles · Updated · Eye on Housing · Jul 3
Summary
The preliminary US-Iran memorandum temporarily reopened the Strait of Hormuz to commercial shipping on a toll-free basis through mid-August, creating room for further nuclear negotiations.
June mortgage rates still climbed as markets priced in possible Fed tightening: Freddie Mac's 30-year fixed average rose 8 basis points from May to 6.49%, while the 15-year rate reached 5.82%.
High inflation and a stronger-than-expected labor market pushed the 10-year Treasury yield above 4.5% in mid-June, and nine of 18 Fed officials later signaled at least one rate hike this year.
That benchmark eased to about 4.44% by month-end after the Hormuz deal, but 30-year mortgage rates remained 44 basis points above their level before the Middle East conflict began.