The average rate on a 30-year mortgage in the U.S. rose to 6.12 percent this week, marking the first increase in seven weeks, as reported by Freddie Mac.
Borrowing costs on 15-year fixed-rate mortgages increased again this week, with the average rate rising to 5.25 percent from 5.16 percent last week.
The average rate on a 30-year mortgage was 7.49 percent a year ago, compared to the current 6.12 percent, indicating significant year-over-year change in borrowing costs.
Mortgage rates are influenced by several factors, including bond market reactions to the Federal Reserve's interest rate policy decisions, impacting the 10-year Treasury yield.
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