Average US long-term mortgage rate climbs to 6.53%, highest level in nine months
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Key Points:
- The average long-term U.S. mortgage rate rose to 6.53%, its highest level in nine months, marking a setback for prospective homebuyers.
- The 30-year fixed mortgage rate increased slightly from 6.51% last week but remains below last year’s 6.89% rate.
- Higher mortgage rates increase monthly borrowing costs, reducing homebuyers' purchasing power.
- Rising rates have been linked to geopolitical tensions in Iran, which have driven up oil prices and inflation.
- Mortgage rates are influenced by Federal Reserve policies, economic expectations, inflation, and typically follow the 10-year Treasury yield.