Average US long-term mortgage rate falls to 6.48%, retreating from its highest level in 9 months

The average U.S. 30-year fixed mortgage rate fell to 6.48% from 6.53% last week, marking a retreat from its nine-month high. The decline follows rising rates linked to the war in the Middle East, which has driven oil prices and inflation fears upward, though rates remain above the 6% threshold seen in late February. Housing market activity remains sluggish due to sustained high rates.