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US mortgage rates rise again, hitting another 52-week high
apnews.com • • business
Key Points:
- The average 30-year fixed U.S. mortgage rate increased to 6.69%, marking the fifth consecutive weekly rise and reaching its highest level in over a year.
- Higher mortgage rates are raising monthly borrowing costs, reducing homebuyers' purchasing power and contributing to sluggish U.S. home sales this year.
- The 15-year fixed mortgage rate, often used for refinancing, slightly decreased to 6.01% from 6.04% last week but remains higher than last year’s 5.75%.
- Mortgage rates are influenced by inflation, Federal Reserve policies, bond market expectations, and typically follow the 10-year Treasury yield's trend.
- Ongoing geopolitical tensions, particularly the U.S. war with Iran and resulting crude oil price fluctuations, have contributed to rising long-term bond yields and mortgage rates despite recent easing in oil prices.
