Over the past week, mortgage interest rates have moved slightly higher after previously declining for several weeks. The average 30-year fixed mortgage rate increased to about 5.875% from roughly 5.625% the week before, ending a short downward trend. The recent uptick has been driven mainly by rising U.S. Treasury yields, which mortgage rates tend to follow, along with higher oil prices and geopolitical tensions in the Middle East that have increased inflation concerns. Higher energy prices can push inflation expectations upward, which in turn pushes bond yields and mortgage rates higher. Overall, rates remain just under the 6% level but have experienced modest upward pressure over the last week due to these economic and geopolitical factors.
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