Average long-term US mortgage rate rises to 6.72%, ending a five-week slide

The 30-year mortgage rate rose to 6.72%, ending a five-week decline. 15-year rates also increased. High rates hinder affordability and contribute to a housing sales slump since 2022. Rates are influenced by economic factors like the Federal Reserve and Treasury yields. Despite a recent application surge, economists predict stable rates between 6% and 7% this year.