Mortgage Rates Hit Highest Level in Year Amid Ongoing Inflation Concerns

The average rate for a 30-year US mortgage rose to its highest level in a year at 6.66%, according to Freddie Mac.

This marks the fourth consecutive week of rising rates and is likely to add hundreds of dollars to monthly costs for borrowers, limiting homebuyers' purchasing power.

Mortgage rates are influenced by factors such as the Federal Reserve's interest rate policy decisions and bond market investors' expectations for the economy and inflation.

The 10-year Treasury yield, which lenders use as a guide to pricing home loans, was at 4.66% on Thursday, up from 3.97% in late February before the Iran conflict began.