Average rate on a 30-year mortgage in the US rises for fifth straight week

The average rate on a 30-year mortgage in the U.S. rose for the fifth straight week, returning to its highest level since early August. The rate rose to 6.72% from 6.54% last week, mortgage buyer Freddie Mac said Thursday. That’s still down from a year ago, when the rate averaged 7.76%. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy decisions and data on inflation and the economy. Bond yields have been rallying following a string of stronger-than-expected reports on the U.S. economy.