Average 30-year US mortgage rate climbs to 6.55%, highest level in nearly a year

The average 30-year U.S. mortgage rate rose to 6.55%, the highest in nearly a year, driven by higher borrowing costs linked to the Federal Reserve's policies, bond market expectations, and a war with Iran pushing up oil prices. Freddie Mac reported the increase, noting the rate's upward trajectory has slowed home sales, with pending transactions falling 5.4% in June.