Average US long-term mortgage rate rises to 6.52%, just below its high for the year

The average U.S. 30-year fixed mortgage rate increased to 6.52% this week, driven by higher oil prices and inflation from the U.S.-Iran conflict. Despite remaining below last year's 6.84% level, rising rates have reduced homebuyer purchasing power and contributed to a housing slump, with existing home sales near a 4-million annual pace.