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.

Mortgage rates turned upward this week after falling the previous five weeks in a row.The 30-year fixed-rate mortgage averaged 6.78% APR, up four basis points from the previous week's average,

Average mortgage rates in June are 62 basis points down on the same period last year and mortgage applications are up 41.7% year-on-year.