US Mortgage Rate Rises to 6.55%, Highest in About a Year

U.S. mortgage rates rose to 6.55%, the highest level in about a year, as renewed tensions in the Middle East stoked inflation concerns.

Walter Bloomberg reported on July 16 that higher borrowing costs have cooled housing demand and reduced transaction volumes. Many first-time homebuyers are also struggling to enter the market.

Still, purchases by wealthy buyers are supporting home prices, sending the median U.S. home sale price to a record high.