Updated
Updated · CNBC · Jul 22
U.S. Mortgage Rates Rise to 6.69% as Iran War Escalation and Oil Spike Lift Borrowing Costs
Updated
Updated · CNBC · Jul 22

U.S. Mortgage Rates Rise to 6.69% as Iran War Escalation and Oil Spike Lift Borrowing Costs

3 articles · Updated · CNBC · Jul 22

Summary

  • The average 30-year fixed mortgage rate rose to 6.69% last week from 6.65%—the highest since last August—even as total mortgage demand edged up 1.9%, according to the Mortgage Bankers Association.
  • A 6% increase in purchase applications drove that gain, with buyers returning amid slower summer competition, rising inventory and more seller price cuts; purchase demand was up just 0.2% from a year earlier.
  • Refinance applications, which react quickly to rate moves, fell 2% on the week and were only 7% above a year ago.
  • Oil prices and fresh escalation in the Iran war overshadowed cooler June inflation data, and Mortgage News Daily said rates moved higher again this week, matching their mid-May peak as gasoline futures returned to May highs.

Insights

Home sales are rising despite high rates. Is this a sign of market health or a final rush before a downturn?
As experts pivot from housing shortage warnings to surplus fears, are we on the brink of a major home price correction?