Mortgage Rates Jump to Highest in Over a Year
The average 30-year fixed mortgage rate rose to 6.87%, its highest level since June 2025. Rates have climbed about 0.6 percentage points since the US and Israel launched attacks against Iran in February. New fighting in the Middle East pushed oil prices up and drove investors out of bonds.
Higher oil prices are reviving inflation worries. That puts upward pressure on Treasury yields, which matter more directly for mortgage rates than the Fed's policy rate. This is a fresh setback for a housing market already hurt by poor affordability. Higher borrowing costs will likely keep buyers and people looking to refinance out of the market.
Tim Cook Steps Down as Apple CEO
Today is Tim Cook's last day as CEO of Apple (AAPL), ending a run of nearly 15 years. He took over from Steve Jobs in August 2011. During that time he oversaw the launch of the Apple Watch, AirPods, and the Vision Pro, and built Apple's services business into an operation worth more than $100 billion. He also helped make the iPhone central to daily life.
Under his leadership, Apple's (AAPL) market value grew from about $350 billion to $4 trillion. Annual revenue nearly quadrupled, and the stock gained more than 2,000%. Cook hands the CEO job to hardware chief John Ternus tomorrow, who now has to lead Apple into its next era. Cook becomes executive chairman of the board effective tomorrow morning. Apple (AAPL) closed its final day under Cook down close to 0.9%.
The Week Ahead: Earnings and Data
A heavy earnings week is coming, including Dell (DELL), MongoDB (MDB), Palo Alto Networks (PANW), Broadcom (AVGO), Five Below (FIVE), Snowflake (SNOW), Campbell (CPB), Docusign (DOCU), Lululemon (LULU), and Zscaler (ZS).
Key data could shape the September rate debate. The July JOLTS report is due Tuesday. The August ADP payrolls report and August ISM manufacturing data come Wednesday. The closely watched non-farm payrolls report is due Friday and is expected to show some recovery in hiring.
Fed officials Michael Barr and Christopher Waller are scheduled to speak this week. Their comments may show whether Kevin Warsh's more hawkish view has broader support within the FOMC ahead of the September meeting, which is only a few weeks away.
