Cotality

Today’s 30-year mortgage rates for purchases fell to 6.736%, while refinance rates rose to 6.85%. Rising oil prices due to Middle East conflicts, persistent inflation, and a hawkish Federal Reserve have kept rates elevated, with experts predicting they will remain above 6% for the 30-year term in the near future.

New Zealand's flood-prone homes are outperforming the broader housing market, with properties facing high flood risk rising 26.1% in value since January 2020 compared to 19.8% for low-risk homes. Buyers are drawn by discounts of up to NZ$100,000 despite climate-related risks.

Australian Prime Minister Albanese apologized for a podcast comment about Kylie Minogue. Auction clearance rates fell to 49.8% last week, and Queensland's premier pledged to imprison more youth offenders.

Today’s 30-year mortgage purchase rate rose to 6.64%, driven by the Federal Reserve’s hawkish stance on future rate hikes amid persistent inflation. Refinance rates also increased, with the 30-year rate at 6.738%. Higher oil prices from the U.S. war in Iran and strong labor data contributed to elevated inflation, which experts suggest will keep mortgage rates above 6% for years.

Clearance rates in Australia’s capital cities fell to a six-year low, with 47.7% of homes sold at auction in the week ending 21 June, the lowest rate since April 2020. Preliminary data from Cotality indicates fewer than half of homes at auction found buyers.

Australian home prices in capital cities have begun to fall, with experts predicting a potential 10% decline in values over at least a year due to high interest rates and inflation. Sydney, Melbourne, and Canberra median house prices dropped in May, marking the first decline since January 2025, while auction success rates reached a new annual low.