Mortgage rates hit their highest level in a year, driven by war and inflation concerns

The 30-year fixed-rate mortgage reached 6.66% on average Thursday.

Mortgage rates are drifting higher as the Fed's interest rate decision and war in the Middle East fuel inflation concerns.

The benchmark 30-year fixed rate mortgage rate rose to 6.66% from 6.58% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.72%.

Higher mortgage rates can add hundreds of dollars a month in costs for borrowers, limiting homebuyers’ purchasing power. As rates rise, that can lead prospective home shoppers to delay buying a home.

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Mortgage rates climb to highest level in a year  CNN

Mortgage rates jumped to a new high for the year, making it even more expensive to take on a home loan.

The average long-term U.S. mortgage rate rose for the fourth consecutive week to its highest level in a year, another setback for prospective homebuyers hoping for a break from elevated home loan borrowing costs

Average 30-year US mortgage rate rises to highest level in a year at 6.66%  AP News