Mortgage Rates Climb Back Towards 7% as Economic Resilience Clashes with Affordability

Mortgage rates increased again this week, with the 30-year fixed mortgage nearing 7% according to Freddie Mac
Rates had held steady for weeks but rose as economic data shows the economy remains strong despite Fed rate hikes
Home affordability is very low, so good economic news is bad for buyers who are rate-sensitive
The Fed plans to cut rates this year but won't rush it until inflation moves decisively towards 2%
Home price appreciation may be peaking after 10 straight monthly gains, cooling the market somewhat