Graham said rates started headed up in anticipation of Thursday’s job report. The better-than-expected addition of 147,000 jobs in June drove the nation’s unemployment rate down and made a case for the Federal Reserve to not lower interest rates. If unemployment had increased, “the Fed would be cutting rates ,” Graham posted Thursday.

The average 30-year fixed mortgage rate was 6.67%, notching a decline for a fifth straight week, according to Freddie Mac.

Most economists predict the Fed will start lowering rates in September. If President Trump eases some of his aggressive tariff measures or if the labor market continues to deteriorate, the Fed might cut interest rates earlier,