Average US long-term mortgage rates continue to rise

The benchmark 30-year fixed-rate mortgage reached 6.37%, up from 6.3% last week, Freddie Mac reported
US long-term mortgage rates have climbed again this week, driven by bond market volatility and inflation worries fueled by surging oil prices amid the war with Iran.

This marks the second consecutive weekly increase, though it remains below the 6.76% recorded a year ago.

Similarly, 15-year fixed-rate mortgages, popular for refinancing, edged up to 5.72% from 5.64%.

Mortgage rates are linked to Federal Reserve policy and bond market expectations for the economy and inflation.

Lisa Sturtevant, chief economist at Bright MLS, noted, "The expectation of rates below 6% this spring has disappeared, and buyers and sellers likely will face rates in the mid-6% range into the summer."
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