The average long-term U.S. mortgage rate rose for the fifth consecutive week, reaching its highest level in nearly seven months, according to the AP, adding to affordability challenges for home buyers during the crucial spring housing season.Mortgage buyer Freddie Mac said the benchmark 30-year fixed mortgage rate rose to 6.46% from 6.38% last week. A year ago the average rate was 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 to the cost and limiting purchasing power in an already stressed housing market.Just five weeks ago, the average rate fell below 6% for the first time since the end of 2022, but has since reversed direction. The increase comes as rising oil prices linked to the Iran war have raised concerns about inflation.Meanwhile, the cost of borrowing on a 15-year fixed-rate mortgage, which is commonly used for refinancing, has also risen higher. Freddie Mac said the average rate rose to 5.77% from 5.75% last week, compared with 5.82% a year earlier.
