The average rate on 30-year fixed home loans increased to 6.72% for the week ending July 10, up from 6.67% last week.

Headwinds for mortgage rates arrived Tuesday in the form of rising inflation, which likely ends the faint hopes of a Fed rate cut in July.

Mortgage rates are based on bonds and bonds don't like inflation.  When inflation reports are higher than the market expected, rates tend to rise, all other things being equal.   But today's inflation numbers were a bit lower than the median forecast.