"Rising Mortgage Rates Reach Yearly Peak, Potential for Further Increase"

The average rate on the 30-year fixed mortgage has risen to around 7.5%, the highest level since mid-November of last year, impacting home sales and affordability. Despite the increase, mortgage applications to purchase a home rose 5% last week, but demand remains lower than a year ago. With the economy and job market remaining strong, mortgage rates are likely to stay elevated in the near future, potentially impacting homebuyers waiting for rates to drop.