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America In Focus: US Economy Expands at Sluggish Pace, Mortgage Rate Hit the Highest Level in a Year
The average 30-year mortgage rate climbed to 6.72%, its highest level in about a year, as borrowing costs stayed elevated for homebuyers.
- The benchmark 30-year fixed mortgage rate rose to 6.66% on Thursday, reaching its highest level since July 31, 2025, when it was at 6.72%, mortgage buyer Freddie Mac reported.
- Rising oil prices and inflation concerns are fueling bond market volatility; while the Federal Reserve kept its key interest rate unchanged Wednesday, three officials dissented in favor of higher rates.
- Gas prices have climbed to an average of $4.11 per gallon, according to AAA, and The Conference Board reported Tuesday that its consumer confidence index fell to 90.8 in July from 92.2 in June.
- Borrowing costs on 15-year fixed-rate mortgages also rose this week, limiting purchasing power for prospective homebuyers and representing another setback from elevated home loan borrowing costs.
- U.S. economic growth slowed to a sluggish 1.5% pace from April through June as rising imports weighed on output, down from the 3.2% annual clip in the January-March period.
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America In Focus: US economy expands at sluggish pace, mortgage rate hit the highest level in a year - Regional Media News
The economy, inflation and how those forces could impact the lives of Americans were front and center over the past week. Trips to the grocery store and gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses. Here's a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you. The U.S. economy expanded at a slug…
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America In Focus: US economy expands at sluggish pace, mortgage rate hit the highest level in a year
The U.S. economy expanded at a sluggish 1.5% pace from April through June as rising imports weighed on growth.
·New York, United States
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Coverage Details
Total News Sources12
Leaning Left4Leaning Right1Center7Last UpdatedBias Distribution59% Center
Bias Distribution
- 59% of the sources are Center
59% Center
L 33%
C 59%
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