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.

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.

Geopolitical tensions are rippling through America’s housing market, adding to the financial strain on homebuyers.

Rates have been on an upward trend this year, largely due to the war with Iran, which has sharply driven up crude oil prices and fueled expectations of hotter inflation

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.