The Mortgage Bankers announced that the interest charged for 30-year home mortgages has risen to 6.85%, up ten basis points and the highest level in a month. A move that is due, no doubt, to the testimony of Fed Chairman Jerome Powell, who indicated in his testimony before the Senate Banking Committee:
“The strong majority of the committee believes that it will be appropriate to raise the federal funds rate again once or twice by the end of the year.”
Financial markets are closely watching every utterance of the Chairman to determine just how hawkish he is currently.
You can see the complete report from the Mortgage Bankers here:
https://www.mba.org/news-and-research/newsroom/news/2023/07/06/mortgage-applications-decrease-in-latest-mba-weekly-survey
