Mortgage Rates Drift Modestly Higher

Residential construction pulled back in July as housing starts and completions declined from June levels, while building permits rebounded. The latest Census Bureau data suggests builders remained cautious about active construction, even as the increase in permits pointed to somewhat stronger activity ahead. Privately owned housing starts fell 12.4% to a seasonally adjusted annual rate of 1.239 million , down 13.5% from the July 2025 pace. Single-family starts declined 9.9% to 808k , while starts for buildings containing five units or more fell to 421k . Building permits reversed course as well, increasing 5.0% from June to an annual rate of 1.443 million , and were 3.1% above the July 2025 rate. Single-family authorizations rose 2.5% to 894k , while permits