Growth, inflation and jobs data don’t signal rates cuts. Yet the odds of a quarter-point September cut are at just under 100%

Futures markets are also expecting a rate cut. Investors peg the chances of a quarter-point interest rate cut at nearly 96%, according to the CME FedWatch Tool, a measure of market sentiment.

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.