Mortgage rates hit highest level in over a year

In the United States, mortgage rates have risen again, with the average 30-year fixed rate reaching 6.71%, the highest in over a year. This increase from 6.66% last week and 6.50% a year ago adds significant costs for borrowers, potentially delaying home purchases and contributing to stagnant home sales. Additionally, the average rate for 15-year fixed-rate mortgages rose to 6.04% from 5.98% last week.