Average US long-term mortgage rate rises to 6.22%, highest level in more than 3 months

Core Insights - The average long-term U.S. mortgage rate has reached its highest level in over three months, impacting potential homebuyers during the spring season [1] - The benchmark 30-year fixed mortgage rate increased to 6.22% from 6.11% the previous week, while a year ago it averaged 6.67% [1] - The 15-year fixed-rate mortgage also saw a rise, with the average rate moving up to 5.54% from 5.5% last week, compared to 5.83% a year ago [2] Market Influences - The recent increase in mortgage rates follows a drop to just under 6% three weeks ago, coinciding with the onset of the war with Iran, which has caused volatility in financial markets and concerns over inflation due to rising energy prices [2] - Mortgage rates are affected by various factors, including the Federal Reserve's interest rate policies and bond market expectations regarding the economy and inflation [3] - The 10-year Treasury yield, which serves as a benchmark for pricing home loans, rose to 4.27% from approximately 4.13% a week prior [3]