30-Year U.S. Mortgage Rate Rises to 6.55% This Week, Still Below Last Year's Average

The average 30-year fixed-rate U.S. mortgage rate rose to 6.55 percent this week, its highest level since August 28, when it stood at 6.56 percent. Freddie Mac reported the data on Thursday. The rate was 6.49 percent last week and 6.75 percent one year ago.

U.S. mortgage rate increased to 5.93 percent from 5.82 percent the prior week. One year ago that rate averaged 5.92 percent. The 10-year Treasury yield stood at 4.57 percent at midday Thursday, up from 4.54 percent one week earlier and 3.97 percent in late February.

Mortgage rates generally track the path of that yield. Rates have risen this year as the war with Iran, which began in late February, pushed crude oil prices higher and lifted inflation expectations.

Higher mortgage rates increase monthly payments for borrowers and have weighed on home sales this year, even as the current averages remain below levels from one year ago.