Mortgage rates in the United States are on the rise, reaching 6.51% for a 30-year fixed mortgage, the highest level observed in about nine months, according to Freddie Mac. This increase from 6.36% the previous week also affects the 15-year fixed mortgage rate, which has climbed to 5.76% from 5.51%. Economists attribute the rising rates to higher Treasury yields driven by inflation concerns and geopolitical tensions, particularly stemming from the conflict involving Iran. As mortgage rates increase, homebuyers face reduced affordability, leading to smaller loan qualifications and larger monthly payments. The housing market is further strained by limited inventory, especially for starter homes, resulting in a decline in mortgage applications. While rates can fluctuate based on economic conditions, experts suggest that simply lowering rates may not significantly impact the housing market unless more homes become available. Freddie Mac provides weekly updates on national mortgage rate averages through its Primary Mortgage Market Survey.