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US Mortgage Rates Surge to 6.58% Amid Rising Geopolitical Tensions
The 30-year fixed mortgage rate hit a one-year high as Middle East instability fuels inflation fears and pushes borrowing costs up.
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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.
The 30-year fixed mortgage rate hit a one-year high as Middle East instability fuels inflation fears and pushes borrowing costs up.
Read the full storyMortgage rates remain stubbornly high above 6.5% as bond markets diverge from Fed expectations, further dampening US home purchase demand.
The average 30-year fixed mortgage rate climbed to 6.65%, triggering a 7% weekly drop in home purchase applications.