The U.S. economy grew at a sluggish 1.5% annual pace from April through June, according to the latest snapshot highlighted by AP News. Growth was held back by rising imports, a factor that weighed on overall economic output during the quarter.
At the same time, the housing market faced another challenge. The average long-term U.S. mortgage rate increased for a fourth straight week, reaching its highest level in a year. That rise adds to affordability concerns for people trying to buy a home as borrowing costs remain elevated.
Economic pressures tied to inflation also stayed in focus. Higher costs at grocery stores and gas stations continue to shape how Americans experience the broader economy, even as headline growth remains positive. The combination of slower expansion and stubborn household expenses keeps attention on how far consumers can stretch their budgets.
Taken together, the latest GDP reading and the jump in mortgage rates point to an economy that is still growing, but without much momentum. For households, that means financial strain can remain visible in everyday spending as well as in major purchases such as homes.
