Mortgage rates rise slightly after two consecutive weeks of decrease

Mortgage rates remained static near 6.7% this week, persisting despite fluctuations in oil prices and persistent inflation concerns, according to Freddie Mac data. The average 30-year mortgage rate stood at 6.66% on Wednesday, unchanged from the previous week. Mortgage rates have been hovering around this level for a month due to investor worries about Iran's impact on oil prices and broader inflation.

The Federal Reserve's preferred inflation metric indicated that prices, excluding food and energy, increased 3.3% year-over-year in July. Mortgage rates have risen throughout the year as a result of the Iran conflict's effect on oil prices, which has maintained inflation expectations and, consequently, mortgage rates. Real estate expert Hannah Jones noted that this trend is ongoing.