US mortgage rates match highest in almost a year, purchases drop

Matthew Boesler / Bloomberg07-15

The average contract rate on a 30-year fixed mortgage climbed seven basis points to 6.65% in the week ending July 10, according to weekly Mortgage Bankers Association data published Wednesday.(July 15...

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Meanwhile, the group's index of mortgage purchase applications fell 7.3%.\nThe rise in borrowing costs and drop in applications underscores one-way inflation is taking a toll on the US housing market: Investors expect the Federal Reserve to raise its benchmark interest rate in the months ahead to ward off price pressures emanating from the Iran war.\nFed chairman Kevin Warsh, in testimony before Congress Tuesday, singled out the housing market as a weak spot in an otherwise solid economy. 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