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Mortgage held steady near 6.7% again this week as oil prices fluctuated and new data showed inflation remained elevated in July.
The average 30-year mortgage rate was 6.66% through Wednesday, according to Freddie Mac data, essentially unchanged from 6.65% a week earlier.
Mortgage rates have been hovering around 6.7% for a month straight amid ongoing investor fears about the Iran War's effect on oil prices and broader inflation. On Wednesday, the Federal Reserve's preferred inflation metric showed that inflation remained sticky in July, with prices excluding the volatile food and energy categories up 3.3% from a year ago.
"Mortgage rates have climbed for much of the year, driven largely by the Iran conflict's effect on oil prices, which has kept inflation expectations, and by extension mortgage rates, elevated," Realtor.com senior economist Hannah Jones said in a statement.
#rates
Mortgage held steady near 6.7% again this week as oil prices fluctuated and new data showed inflation remained elevated in July.
The average 30-year mortgage rate was 6.66% through Wednesday, according to Freddie Mac data, essentially unchanged from 6.65% a week earlier.
Mortgage rates have been hovering around 6.7% for a month straight amid ongoing investor fears about the Iran War's effect on oil prices and broader inflation. On Wednesday, the Federal Reserve's preferred inflation metric showed that inflation remained sticky in July, with prices excluding the volatile food and energy categories up 3.3% from a year ago.
"Mortgage rates have climbed for much of the year, driven largely by the Iran conflict's effect on oil prices, which has kept inflation expectations, and by extension mortgage rates, elevated," Realtor.com senior economist Hannah Jones said in a statement.
#rates
2 months ago
