The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
US mortgage rates reached a near one-year high, with the average 30-year fixed rate climbing to 6.58% by July 23. This increase, fueled by inflation fears linked to rising oil prices, led to a 7% weekly drop in home purchase applications. Despite softer-than-expected inflation data released mid-month, rates remained consistently above 6.5%, marking a significant slump in mortgage demand compared to the previous year.