The average interest rate on 30-year fixed-rate mortgages in the United States rose this week, approaching 6.5%.

Freddie Mac reported that the average rate on 30-year mortgages increased to 6.49% this week, up from 6.43% last week and compared to 6.72% during the same period last year.

According to the Associated Press, higher mortgage rates can add hundreds of dollars to a household's monthly budget and reduce purchasing power.

Rates on 30-year mortgages have remained elevated since briefly dipping below 6% in February; they rose to their highest level in nine months in May, negatively impacting home sales.

Meanwhile, the average rate on 15-year fixed-rate mortgages, favored by homeowners for refinancing, rose to 5.82% this week, up from 5.79% last week and compared to 5.86% a year ago, according to Freddie Mac.

Mortgage rates are influenced by several factors, from the Federal Reserve's interest rate policy decisions to bond market investors' expectations for economic growth and inflation. Mortgage rates typically follow the yield on 10-year US Treasury notes, which lenders use as a benchmark to set home loan rates.

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