Mortgage rates jump higher, closing in on 7%

up from 6.81% the week before

Mortgage rates have remained over 5% for all but one week during the past year and even went as high as 7.08%, last reached in November. Rates had been coming down and were under 6.5% for most of the spring. At the end of May, rates began to move higher as uncertainty around the debt ceiling standoff grew and interest rates remained elevated as economic data showed inflation was stickier than anticipated.picture has been improving, with the Consumer Price Index easing for 12 consecutive months.

"The strong job market will continue to drive demand in the economy, fuel price increases and contribute to higher inflation," Xu said. "As a result, it is still highly likely that an additional rate hike will occur later in July."

Source: Loan Digest (loandigest.net)

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