The Economic Times

Mortgage rates hit highest level in over a year. Here's what it means for homebuyers in the US

US mortgage rates have climbed for five consecutive weeks, reaching a yearly high. This trend makes homeownership increasingly difficult for many American families. Higher borrowing costs are slowing down home sales across the United States. Meanwhile, 15-year fixed mortgage rates have slightly decreased for refinancers. Persistent high borrowing costs will likely pressure the housing market in coming months.