The average US long-term mortgage rate rose to a three-month high due to an increase in Treasury yields and the Federal Reserve's continuous benchmark rate rise.
Freddie Mac announced that the average rate for a 30-year mortgage went up to 6.65% from last week's 6.5%.
This is higher than the average of 3.76% from last year.
This increase is due to the Fed's actions in raising the key lending rate in a bid to cool the economy and quash rising inflation.
In the autumn, the long-term rate hit a 7.08% two-decade high, which came down over the winter months as inflation appeared to be declining.
The long-term mortgage rate in the US has hit a three-month high due to the increase in Treasury yields and the anticipated continued growth of the Federal Reserve's benchmark rate.
The rise in the borrowing cost prompted by this increase is a key part of the Federal Reserve's efforts to quash rising inflation.
Freddie Mac has reported that the average for a 30-year mortgage is currently 6.65% which is higher than the previous six weeks.
However, this is lower than the two-decade peak of 7.08% experienced in autumn the previous year.
The rise in the mortgage is motivated by the Federal Reserve's efforts to temper inflation which was at an all-time high in four decades.
Despite falling over the winter, it is predicted that rates will continue to rise.