United StatesLDI▼
Fed Holds Rates Flat 231 Days While Mortgage Rates Climb
The Federal Reserve has held its benchmark rate at 3.75% for 231 consecutive days, yet 30-year mortgage rates have risen from 5.98% in late February to 6.67% on the Freddie Mac survey for the week ending August 13, 2026. The 10-year Treasury yield, which drives mortgage pricing, sits at 4.72% in the 98.8th percentile of its 12-month range, while the 30-year touched 5.323% on Tuesday, a 19-year high. D.R. Horton's Q3 FY2026 net income fell 12% to $904.9 million, its cancellation rate climbed to 20% from 17% a year earlier, and management trimmed FY revenue guidance to $32.5 to $33.0 billion. loanDepot's stock is down 58.55% year to date at $0.86, while Annaly Capital Management rose 11.74% as its net interest spread widened to 1.16% from 0.66% year over year. PNC Financial Services jumped 24.69% year to date after repositioning its securities portfolio to a 4.4% weighted average yield.
DHI · Demand · Negative Higher mortgage rates reduce housing demand, leading to lower sales and cancellations.
LDI · Monetary · Negative Rising mortgage rates and Fed policy impact mortgage origination volumes, hurting loanDepot's business.
NLY · Monetary · Positive Higher rates widen net interest spreads, benefiting Annaly's mortgage-backed securities portfolio.
PNC · Capital · Positive Portfolio repositioning to higher yields improves net interest income, boosting PNC's financials.