"Homebuyers Face Dilemma as Mortgage Rates Soar Past 7%"

Mortgage rates have surged past 7% following higher-than-expected inflation, causing concern for homebuyers and leading to a spike in refinance applications. While homeowners rushed to refinance, demand for purchase applications fell, with buyers growing pessimistic due to high rates, home prices, and tight inventory. The Federal Reserve's expected delay in rate cuts has soured housing sentiment, but there may be hope as more inventory trickles into the market, potentially thawing the housing market.