US mortgage rates rise to 6.56 percent as yields climb
The average 30-year fixed mortgage rate rose 10 basis points to 6.56 percent last week, reaching its highest level in seven weeks. Rising oil prices and bond market volatility have driven yields higher as the Federal Reserve prepares for a leadership transition under Kevin Warsh.
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The Mortgage Bankers Association reported United States 30-year fixed mortgage rates rose 10 basis points to 6.56% for the week ended May 15. This mark is the highest in seven weeks and nears the peak reached after the conflict in Iran began. Rising borrowing costs are cooling housing demand, with mortgage applications falling 2.3% as Treasury yields hit multi-year highs.
