by Wolf Richter, Wolf Street:

Spring selling season was a dud. But what comes next may be worse, that’s what mortgage applications and investors tell us.

The 7% mortgages are back. The average interest rate on 30-year fixed-rate mortgages with conforming balances jumped to 6.91%, the highest since November, according to the weekly measure by the Mortgage Bankers Association today.

The daily measure by Mortgage News Daily already went over 7% a few days last week and earlier this week.