Mortgage rates have increased to their highest level in almost a year, according to new data from Freddie Mac. The 30-year-fixed rate averaged 6.58% this week, up from 6.55% last week, the highest level to date this year, the Wall Street Journal reported.
The rates are closely related to the 10-year Treasury yield, which is facing upward pressure from rising oil prices and reached an 18-month high on Thursday.
Mortgage rates fell below 6% in February, which renewed hope that a stagnation in home sales would come to an end, but rates have remained volatile ever since the start of the war in Iran. Mark Fleming, chief economist at First American, told the Journal that indications suggest that mortgage rates will get closer to 7% in the coming weeks.
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