Rates Approach 7% as Economy Holds Strong

Bankrate.com, July 6, 2023–Jeff Ostrowski
In a good sign for the resilience of the U.S. economy but a bad omen for mortgage rates, an official reading of gross domestic product came in hotter than expected last week — mortgage rates are rising again. The average rate on 30-year mortgages increased to 6.95 percent this week, up from 6.84 percent last week, according to Bankrate’s national survey of large lenders. (MBA mention)