"Rising Inflation Pushes Mortgage Rates Above 7%"

Mortgage rates have surged past 7% following higher-than-expected inflation, causing concern for homebuyers and leading to a spike in refinance applications. The increase in rates has dampened buyer sentiment, with demand for purchase applications falling and consumers growing pessimistic about the housing market. However, there is hope for more inventory entering the market, potentially easing the impact of higher rates.