The average long-term US mortgage rate has climbed for the fifth consecutive week, reaching its highest level in nearly seven months and adding to affordability challenges for homebuyers during the crucial spring housing season, according to AP.The benchmark 30-year fixed mortgage rate rose to 6.46% from 6.38% last week, mortgage buyer Freddie Mac said. A year ago, the average rate stood at 6.64%.The last time the average rate was higher was on September 4, when it was recorded at 6.5%.Rising mortgage rates can significantly increase monthly payments for buyers, often adding hundreds of dollars in costs and limiting purchasing power in an already strained housing market.Just five weeks ago, the average rate had dipped to just under 6% for the first time since late 2022, but it has since reversed course. The uptick comes as surging oil prices linked to the Iran war have heightened concerns around inflation.Meanwhile, borrowing costs on 15-year fixed-rate mortgages, commonly used for refinancing, also edged higher. The average rate rose to 5.77% from 5.75% last week, compared with 5.82% a year ago, Freddie Mac said.
