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Economy

U.S. 30-Year Mortgage Rate Climbs To Highest Level In Nearly A Year

The report said the increase comes as higher Treasury yields, influenced by heightened geopolitical tensions, continue to push borrowing costs upward.

,   and  TIPP Staff
2 min read

The average rate on a 30-year fixed mortgage in the United States has risen to 6.55 percent, its highest level in nearly a year, according to Freddie Mac.

The report said the increase comes as higher Treasury yields, influenced by heightened geopolitical tensions, continue to push borrowing costs upward.

The report said mortgage rates typically move in line with the yield on the 10-year U.S. Treasury note, which climbed to 4.57 percent during the week.

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Higher financing costs have begun weighing on the housing market, with pending home sales falling 5.4 percent in June and mortgage applications declining 7 percent from the previous week.

According to the report, National Association of Realtors Chief Economist Lawrence Yun said elevated mortgage rates combined with record-high home prices are dampening buyer demand, particularly among first-time purchasers.

The report noted that average mortgage rates stood at 3.97 percent in late February, highlighting the sharp increase in borrowing costs over recent months.

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