The average rate on a 30-year mortgage in the United States has risen to its highest level since early February, further escalating borrowing costs for prospective homebuyers. According to Freddie Mac, the rate increased to 6.89% from 6.86% last week, while a year ago, the rate stood at 7.03%. Homeowners looking to refinance their loans are also facing increased rates, with the average rate on 15-year fixed-rate mortgages rising to 6.03% from 6.01% last week, though it remains lower than last year’s 6.36%. The rise in mortgage rates is attributed to several factors, including Federal Reserve interest rate policies and bond market investors’ economic expectations.

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