US Mortgage Rates Hit Highest Level in a Year Amid Inflation Concerns

The average long-term U.S. mortgage rate rose for the fourth consecutive week to its highest level in a year, at 6.66%, according to Freddie Mac.

This increase means higher borrowing costs for homebuyers, limiting their purchasing power and potentially leading them to delay buying a home.

The 30-year fixed-rate mortgage rate rose from 6.58% last week, while the 15-year fixed-rate mortgage rate increased to 6.04%, also from last week's 5.96%.

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.