Average 30-year US mortgage rate reaches its highest level in nearly a year

The average 30-year U.S. mortgage rate reached 6.58%, the highest level in nearly 12 months, according to Freddie Mac. The rate increased for the third consecutive week, with the 15-year fixed-rate mortgage also rising. Higher borrowing costs are linked to factors like Federal Reserve policy, bond market expectations, and the 10-year Treasury yield.