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.