"Homebuyers Retreat as Mortgage Rates Hit 6-Month High"

US mortgage rates rose to 6.77% for the 30-year fixed-rate mortgage, up from 6.64% the previous week, due to strong employment and inflation reports. The increase may slow the spring homebuying season, with mortgage applications down in more than half of all states compared to a year earlier. The housing market has been affected by 11 interest rate hikes over the past two years, leading to the lowest sales level in 28 years, and economists are waiting for the Federal Reserve to address inflation and potentially cut its benchmark lending rate.