Mortgage Rates Hit Three-Month High

U.S. mortgage rates have climbed for the third consecutive week, reaching a three-month peak with the average 30-year fixed rate now at 6.22%. This increase is attributed to rising yields on government bonds, which are influenced by concerns over wartime inflation. Higher mortgage rates can significantly impact the housing market by increasing borrowing costs for potential homebuyers, potentially leading to reduced demand and slower sales activity. This trend may also affect refinancing activity for existing homeowners.