U.S. mortgage rates rise to 6.66%, highest level in a year

The average 30-year US mortgage rate has increased for the fourth straight week, reaching 6.66%, its highest point in one year. This upward trend is attributed to climbing Treasury yields in recent weeks. Additionally, ongoing fighting in Iran has contributed to the rise by fueling concerns regarding higher inflation. These factors combined have pushed long-term borrowing costs to a 12-month peak, impacting the current landscape of the US housing market and mortgage lending.