US mortgage applications dropped 2.7% for the week ending July 10 as 30-year fixed rates near 6.64% continue to keep homebuyers on the sidelines.

US mortgage applications dropped 2.7% for the week ending July 10 as 30-year fixed rates near 6.64% continue to keep homebuyers on the sidelines.

The average long-term U.S. mortgage rate climbed this week to its highest level in nearly a year, driving up borrowing costs for prospective homebuyers.

US mortgage rates climb toward 7% as Freddie Mac reports 6.49% averages. The rate lock effect freezes home sales while cash buyers push prices to records.