The average 30yr fixed mortgage rate officially moved over 7% this week according to major weekly surveys, but mortgage rates actually moved lower!
Source: Kevin Litwicki MBSLIVE
Rates Actually Moved Lower This Week; What's a "Fed Pivot?"

There’s no way to sugarcoat the situation in the bond market and, by extension, the mortgage and housing markets. Rates have risen at a nearly unprecedented pace, ushering in one of the quickest cooldowns on record. One of the only ways to find hope in this environment is to imagine that bad news is finite.
Source: Kevin Litwicki MBSLIVE
Sifting Through Ashes For Seeds Of Hope

Unsurprisingly, the market remains intently focused on inflation as the key driver of Fed policy and rate volatility. This week, the biggest inflation report combined with more UK market drama to push rates to another 20yr high.
Source: Kevin Litwicki MBSLIVE
20 Year High Rates as Inflation Persists. Any Hope in Sight?

The resilience of the economy is a matter of debate with different cases to be made depending on the data. But when it comes to the Fed’s favorite reports, the data hasn’t given them any reason to go easy on rates.
Source: Kevin Litwicki MBSLIVE
Rates Back to 20 Year Highs as Economy Remains Resilient

There was no rest for weary rate watchers after last week’s rout. This week turned out to be even more volatile.
Source: Kevin Litwicki MBSLIVE
Even Crazier Than Last Week: Rates Briefly Topped 7% For 1st Time in 20 Years