US mortgage interest hits 1-year high
Mortgage interest rates in the United States have risen to their highest levels in about a year, driven by higher oil prices and increasing yields on U.S. Treasury bonds, which impact mortgage financing costs. The fixed interest rate for a 30-year loan is approximately 6.76%, nearing its highest point in the past year, while the rate for 15-year loans has reached 6.15%. The increase in interest rates has led to a decline in demand for mortgage loans, with a drop in refinancing applications and home purchases, amid expectations of a possible rate hike at the Federal Reserve meeting. Meanwhile, inflation is still expected to rise due to geopolitical tensions and energy prices.
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