Quote: July 12, 2023

“Incoming economic data continue to send mixed signals about the economy, with the overall impact
leaving Treasury yields higher last week as markets expect that the Federal Reserve will need to hold
rates higher for longer to slow inflation. All mortgage rates in our survey followed suit, with the 30-year
fixed rate increasing to 7.07 percent, the highest level since November 2022.”
–MBA Vice President and Deputy Chief Economist Joel Kan