The average rate on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also rose.
Nevada's unemployment rate dropped slightly last month.
The average rate hasn't been this high since Jan. 30, 2025.
Nevada's July jobs report shows gains in Reno and across the state, but the labor market also saw shifts.
Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power.
Inflation has exceeded the Fed’s 2% target since early 2021 when the U.S. economy overheated as it roared back from COVID-19 lockdowns.
It's also well below the 215,000 new applications forecast by analysts surveyed by the data firm FactSet.
U.S. inflation cooled last month as the cost of gas, clothes, and used cars fell, providing some relief to consumers.
Fed policymakers “have no tolerance for persistently elevated inflation,” Kevin Warsh said in written remarks.
Home sales have been mostly hovering close to a 4-million annual pace going back to 2023.