Rising mortgage rates are putting pressure on the U.S. housing market, with the average long-term home loan rate reaching its highest level in nine months and affordability for buyers further weakening, the AP reports.Freddie Mac said Thursday the average rate on a 30-year fixed mortgage rose to 6.53 percent from 6.51 percent last week. A year ago this rate was 6.89 percent.The increase was due to higher oil prices and inflation concerns pushing up the cost of borrowing in the US economy.Mortgage rates have soared sharply after the conflict involving Iran disrupted oil flows from the Persian Gulf, sending global crude prices rising and affecting bond yields.The average rate on a 15-year fixed mortgage, which is commonly used for refinancing, also rose to 5.87 percent from 5.85 percent last week, according to Freddie Mac.Higher mortgage rates have begun to impact housing demand during the spring home buying season.Sales of pre-occupied homes were mostly flat last month after a year-on-year decline in the first quarter, continuing a broader housing market slowdown that began in 2022 as borrowing costs rose sharply.Sales of new homes also weakened. U.S. Census Bureau data showed sales of newly constructed homes fell 6.2 percent in April to a seasonally adjusted annual rate of 622,000 units.Mortgage application data also pointed to soft demand.The Mortgage Bankers Association said total mortgage applications declined 8.5 percent last week as rates rose, with a large portion of the decline in refinance activity.Additionally, applications for loans to purchase homes continued to grow above last year’s levels.Economists said homebuyers are seeing more choices in the market, but increased borrowing costs are limiting affordability gains from softer home prices.“Buyers have more homes to choose from and prices continue to soften, but their dollar hasn’t stretched as much as it did a few months ago,” said Jake Krimmel, senior economist at Realtor.com.“So resolution of the (US-Iran) conflict would be very good for mortgage rates, consumers and housing market momentum,” he said.