US mortgage rates climb to highest level in over a year

US mortgage rates: US mortgage rates refer to the interest rates charged on home loans across the United States, with the 30‑year fixed rate serving as the main benchmark for housing affordability and borrowing costs. In this news item, US mortgage rates have climbed to their highest level in more than a year, further constraining an already sluggish housing market by making new home purchases and refinancing less attractive for buyers. Rate_trend: Since early 2026, US mortgage rates have been on a steady upward trajectory, repeatedly hitting new highs for the year and reaching levels not seen since mid‑2025, which has progressively tightened financial conditions for prospective homeowners. Housing_demand: Recent reports note that higher mortgage rates have begun to weigh on US housing demand, with pending home sales and buyer activity showing signs of softening as affordability pressures mount. Market_activity: Multiple outlets describe the US housing market as subdued or sluggish, emphasizing that elevated borrowing costs are a central reason why home sales and mortgage‑purchase applications are struggling to gain momentum.