Mortgage Rates Effectively Unchanged Near Recent Highs

The average 30yr fixed mortgage rate has been holding just under 7% for the entire month, making June the least volatile month in well over a year.  An absence of volatility frequently speaks to indecision in the bond market (interest rates are based on bonds) and that's a fair assessment at present.

Bonds/rates move up and down in response to changes in the economy and inflation, among other things.  There's a clear rhetorical stalemate between the two sides of the rate debate.  One side thinks inflation and economic resilience will be surprisingly persistent.  The other thinks recession (and more meaningful price declines) are imminent.  

Without clarity on that debate, rates may keep struggling to embark on a directional journey.