The average rate on 30-year fixed home loans registered 6.72% for the week ending July 31, down slightly from 6.74% last week.

The U.S. labor market looks much weaker than previously thought, and Wall Street now expects the Federal Reserve to resume rate cuts sooner rather than later. The Labor Department reported Friday that payrolls grew by just 73,

"probably starts to get the Fed feeling a little bit more comfortable" about lowering interest rates. Lisa Bernhard has more.